<SEC-DOCUMENT>0001292814-24-003853.txt : 20241025
<SEC-HEADER>0001292814-24-003853.hdr.sgml : 20241025
<ACCEPTANCE-DATETIME>20241025060332
ACCESSION NUMBER:		0001292814-24-003853
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		22
CONFORMED PERIOD OF REPORT:	20240930
FILED AS OF DATE:		20241025
DATE AS OF CHANGE:		20241025

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:		241393970

	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>vale20241024_6k3.htm
<DESCRIPTION>6-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">October 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="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<B>&nbsp;</B>&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

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

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    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 99%; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 9.5pt Vale Sans,sans-serif; margin: 0 5.95pt 6pt 3.7pt; text-align: justify; color: #555555"><I>&ldquo;I am pleased to
    present Vale's results for the first time as the company&rsquo;s CEO. Before I comment on the quarter&rsquo;s performance, I would like
    to briefly lay out what I envisage as the path forward for the company. First, we will strive to transform Vale into a more agile and
    efficient company, fostering innovation and a performance culture. Having said that, safety and operational excellence are non-negotiable
    elements of this journey. Second, our strategic efforts will be concentrated on delivering a superior portfolio, with a greater focus
    on customer-centricity. On iron ore, we will accelerate our high-quality product offerings, while on base metals, we aim to continue to
    grow, particularly on copper. Lastly, I am committed to enhancing our institutional relationships, ensuring we leave a positive impact
    on people and the environment.&rdquo;</I></P>
    <P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0 5.95pt 0 3.7pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #555555"><I>In
    the quarter, our iron ore production reached its highest levels in over five years, underscoring our continued focus on operational excellence.
    Our pellet production is at its peak since 2019, aligned with our strategy to deliver high-quality products. In our base metals division,
    copper and nickel production also showed solid progress, marked by operational improvements in Canada, with the asset review implementation
    already bearing fruit. We also continue to deliver on dam safety, having recently removed the Sul Superior dam from emergency Level 3.
    Lastly, we expect to sign the Mariana settlement very soon, aiming at a definitive resolution that will, above all, benefit the impacted
    people and society, through a mutually beneficial agreement for all stakeholders.&rdquo;</I></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #007E7A">commented
    Gustavo Pimenta, Chief Executive Officer</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 3pt Vale Sans,sans-serif; margin: 0 5.9pt 8pt 14.2pt; text-align: justify; color: #555555">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="white-space: nowrap; background-color: teal; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: white"><B>Selected financial indicators</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 43%; border-bottom: #A6A6A6 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: #747678 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">Net operating revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">9,553</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">10,623</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">-10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">9,920</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">-4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">27,932</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">28,730</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">Total costs and expenses&sup1; <SUB>(ex-Brumadinho and dams)echaracterization)</SUB><SUP>1</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">(6,802)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">(6,921)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">-2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">(6,974)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">-2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">(19,673)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">(18,736)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">Expenses related to Brumadinho and dams decharacterization </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">(126)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">(305)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">-59%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">(166)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">(687)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">-76%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>2,867</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>3,651</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>-21%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>3,200</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>-10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>8,791</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484">9,928</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>-11%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>3,615</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>4,431</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>-18%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>3,993</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>-9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>11,046</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484">12,143</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>-9%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">Adjusted EBITDA margin (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">38%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">42%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">-4 p.p</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">40%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">-2 p.p</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">40%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">42%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">-2 p.p</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>Proforma adjusted EBITDA <SUP>2 3</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>3,741</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>4,736</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>-21%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>3,992</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>-6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>11,212</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>12,830</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #848484"><B>-13%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">Free cash flow</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">179</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">1,126</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">-84%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">(178)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">2,001</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">4,186</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">-52%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">Net income attributable to Vale's shareholders</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">2,412</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">2,836</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">-15%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">2,769</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">-13%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">6,860</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">5,565</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">23%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">Net debt <SUP>4</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">9,536</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">10,009</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">-5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">8,590</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">11%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">9,536</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">10,009</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">-5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">Expanded net debt</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">16,472</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">15,494</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">14,683</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">12%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">16,472</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">15,494</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #848484">6%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181"><SUP>1</SUP> Includes adjustment of US$ 94 million in 3Q24, US$ 83 million in 2Q24, US$ 243 million in 9M24, US$ 47 million in 3Q23 and US$ 134 million in 9M23 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="font: 3pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 99%; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 10.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: #007E7A"><B>Results
    Highlights</B></FONT><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 8.5pt 0 35.7pt; text-align: justify; text-indent: -17.85pt"><FONT STYLE="font-family: Symbol; font-size: 9.5pt; color: #555555">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #555555">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A"><B>Operational and sales performance improved
    across all business segments</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555">. Iron
    ore shipments increased by 1.3 Mt (+2%) y/y, driven by an 18% rise in pellet sales due to higher production and strong demand.</FONT></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 8.5pt 0 35.7pt; text-align: justify; text-indent: -17.85pt"><FONT STYLE="font-family: Symbol; font-size: 9.5pt; color: #555555">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #555555">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A"><B>The average realized iron ore fines price
    was US$ 90.6/t, US$ 7.6/t lower q/q despite iron ore reference prices having decreased by US$ 12.0/t</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555">.
    The lower decline vs. the reference price is attributed to an enhanced product portfolio and positive provisional pricing adjustments.</FONT></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 8.5pt 0 35.7pt; text-align: justify; text-indent: -17.85pt"><FONT STYLE="font-family: Symbol; font-size: 9.5pt; color: #555555">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #555555">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A"><B>Proforma Adjusted EBITDA decreased by 6% q/q
    and 21% y/y, totaling USD 3.7 billion</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555">.
    Higher volumes and lower unit costs, particularly in iron ore, partly offset the impact of lower prices.</FONT></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 8.5pt 0 35.7pt; text-align: justify; text-indent: -17.85pt"><FONT STYLE="font-family: Symbol; font-size: 9.5pt; color: #555555">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #555555">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A"><B>Iron ore fines&rsquo; C1 cash cost, ex-3rd
    party purchases, was 17% lower q/q and 6% lower y/y, reaching US$ 20.6/t</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555">,
    driven mainly by: (i) fixed costs dilution due to higher production; (ii) a better production mix, with higher volumes from the Northern
    System where production costs are lower and (iii) continued efficiency. In September, the C1 production cost reached US$ 18.2/t, indicating
    a positive performance in Q4. Vale is highly confident in achieving the low-end of its 2024 C1 cash cost guidance, ex-3<SUP>rd </SUP>-party
    purchases, of US$ 21.5-23.0/t.</FONT></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 8.5pt 0 35.7pt; text-align: justify; text-indent: -17.85pt"><FONT STYLE="font-family: Symbol; font-size: 9.5pt; color: #555555">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #555555">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A"><B>Copper and nickel all-in costs were US$ 2,851/t
    and US$ 18,073/t</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555">, respectively. The
    copper all-in cost guidance is again being revised down, now to US$ 2,900 - 3,300/t. On nickel, the all-in cost guidance range of<BR>
    US$ 15,000-16,500/t is maintained and on track to be delivered. </FONT></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 8.5pt 0 35.7pt; text-align: justify; text-indent: -17.85pt"><FONT STYLE="font-family: Symbol; font-size: 9.5pt; color: #555555">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #555555">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A"><B>Free cash flow was US$ 179 million</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555">,
    US$ 947 million lower y/y, largely reflecting the decrease in EBITDA.</FONT></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 8.5pt 0 35.7pt; text-align: justify; text-indent: -17.85pt"><FONT STYLE="font-family: Symbol; font-size: 9.5pt; color: #555555">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #555555">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A"><B>The Samarco-related provision was revised
    to US$ 4.7 billion</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555">, an increase of
    US$ 1.0 billion, reflecting the most updated assessment regarding the potential settlement agreement with the Brazilian authorities, the
    claims related to the Samarco dam failure, and the extent to which Samarco may be able to fund any future outflows.</FONT></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 8.5pt 0 35.7pt; text-align: justify; text-indent: -17.85pt"><FONT STYLE="font-family: Symbol; font-size: 9pt; color: #848484">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #848484">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A"><B>Expanded net debt of US$ 16.5 billion as of
    September 30<SUP>th</SUP></B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555">, US$ 1.8
    billion higher q/q, primarily due to the additional provisions related to Samarco&rsquo;s dam failure.</FONT></P></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>



<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 9px; line-height: 115%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: #007E7A"><B>Business </B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: #007E7A"><B>Highlights</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><IMG SRC="image_003.jpg" ALT=""><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: #007E7A"><B>&nbsp;</B></FONT></P></TD>
    <TD ROWSPAN="3" STYLE="width: 84%; border-bottom: #ADADAD 1pt solid; padding: 0.55pt 5.4pt">
    <P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 3pt; color: #B8870F"><B>Iron Ore Solutions</B></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 8.8pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">Commissioning of the Vargem Grande 1 project&rsquo;s wet
    processing operations started in September, one month ahead of schedule. The project represents an important step towards Vale&rsquo;s
    iron ore production guidance of 340-360 Mt in 2026, by resuming approximately 15 Mtpy of iron ore capacity and improving the site&rsquo;s
    iron content by nearly 2 p.p. Other key projects underway: +15 Mt at Capanema and +20 Mt at S11D are 91% and 67% complete and on track
    to start in 1H25 and 2H26.</FONT></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 8.8pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">In September, Vale completed the joint venture transaction
    with Apollo for US$ 600 million. Under the agreement Vale now holds 50% of the Vale Oman Distribution Center (VODC). VODC operates a maritime
    terminal with a large deep-water jetty and an integrated iron ore blending and distribution center with a nominal capacity of 40 Mtpy
    in Sohar, Oman.</FONT></P>
    <P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 3pt; color: #B8870F"><B>Energy Transition Metals</B></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 8.8pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">In October, the second underground mine of the Voisey&rsquo;s
    Bay Mine Extension (VBME) project achieved mechanical completion, which will allow the mine to begin ramping up production in the coming
    months. The ramp-up of the Voisey&rsquo;s Bay transition is an important milestone for the competitiveness of Canadian operations and
    will support unit cost reduction of the nickel business segment.</FONT></P>
    <P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 3pt; color: #B8870F"><B>Recent developments</B></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 8.8pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">The On&ccedil;a Puma plant resumed operations on October
    15<SUP>th </SUP>after a 10-day halt due to a power outage. Nickel metal production at the furnace restarted on October 22<SUP>nd</SUP>.</FONT></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 8.8pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">Vale and BNDES have advanced with the creation of a private
    investment fund to foster Critical Minerals development in Brazil. The fund aims to raise up to R$ 1 billion, of which Vale and BNDES
    will contribute with an amount between R$ 100 million and R$ 250 million each. The amount raised should be invested in about 20 junior
    and mid-sized companies that operate in mineral research, development, and implementation of new strategic mineral mines in Brazil.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.55pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #ADADAD 1pt solid; padding-top: 0.55pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding: 0.55pt 5.4pt">
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>ESG</B></P>
    <P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><IMG SRC="image_004.jpg" ALT=""></B></P></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding: 0.55pt 5.4pt">
    <P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 3pt; color: #B8870F"><B>&nbsp;</B></P>
    <P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 3pt; color: #B8870F"><B>Tailing Dams</B></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 8.8pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">Vale completed the de-characterization of Dique 1A and
    Dique 1B in September and October, respectively. Since 2019, Vale has de-characterized 16 structures, representing 53% of the Upstream
    Dam Decharacterization Program.</FONT></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 8.8pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">The Sul Superior dam, located in Bar&atilde;o de Cocais,
    had its emergency level lowered from 3 to 2 in August following the execution of geological-geotechnical investigations and safety improvement
    measures.</FONT></P>
    <P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 3pt; color: #B8870F"><B>Circular Mining</B></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 8.8pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">Vale&rsquo;s Waste-to-Value program is transforming waste
    and tailings into valuable resources. It encompasses more than 150 initiatives, including repurposing iron ore tailings into high-grade
    pellet feed in Caraj&aacute;s and eliminating waste rock stockpiles through reprocessing to create circular iron ore products in Minas
    Gerais. As part of the program, an additional 7 Mt iron ore production has been identified for 2024. </FONT></P>
    <P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 3pt; text-align: justify; color: #B8870F"><B>Decarbonization</B></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 8.8pt; text-align: justify; text-indent: -8.5pt"><FONT STYLE="font-family: Symbol; font-size: 9.5pt; color: #555555">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #555555">&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555">Vale and Green Energy Park, an integrated
    European hydrogen company, have joined forces to deliver decarbonization solutions for the global steel sector. The companies will work
    on feasibility studies to develop a green hydrogen production facility to supply a future Mega Hub in Brazil, an industrial complex aimed
    at manufacturing low-carbon steel products</FONT><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555">.
    </FONT></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 8.8pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">Vale and Petrobras signed, in October, a strategic alliance
    for the supply of products and services focused on decarbonization. It establishes conditions for potential commercialization of co-processed
    diesel with renewable content, natural gas, and bunker fuel with 24% renewable content.</FONT></P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: rgb(173,173,173) 1pt solid; width: 16%; padding: 0.55pt 5.4pt">
    <P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P>
    <P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Reparation</B></P>
    <P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><IMG SRC="image_005.jpg" ALT="">&nbsp;</B></P></TD>
    <TD STYLE="border-bottom: rgb(173,173,173) 1pt solid; width: 84%; padding: 0.55pt 5.4pt">
    <P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 3pt; color: #B8870F"><B>&nbsp;</B></P>
    <P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 3pt; color: #B8870F"><B>Brumadinho</B></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 8.8pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">The Brumadinho Integral Reparation Agreement continues
    to progress, with more than 70% of the agreed-upon commitments completed and in accordance with the settlement deadlines. </FONT></P>
    <P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 3pt; text-align: justify; color: #B8870F"><B>Mariana</B></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 8.8pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">Renova continues to progress with its reparation program,
    with R$ 38 billion disbursed and more than 446 thousand people compensated by the end of September. </FONT></P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 8.8pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">Advanced negotiations are ongoing for the Mariana settlement
    agreement, at a total value of approximately R$ 170 billion, considering past and future obligations to support the people, communities,
    and environment affected by the dam failure. </FONT></P></TD></TR>
  </TABLE>
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 6pt Vale Sans Light,sans-serif; margin: 0; color: #555555">&nbsp;</P>

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

<P STYLE="font: 22pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B>Financials</B></P>

<P STYLE="font: 7pt/90% Vale Sans Light,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: silver 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Proforma Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Net operating revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,553</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10,623</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,920</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">27,932</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">28,730</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(6,281)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(6,309)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(6,349)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(17,997)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(17,198)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(139)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(150)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(137)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(416)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(407)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Research and development</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(192)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(188)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(189)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(537)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(492)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pre-operating and stoppage expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(89)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(115)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-23%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(91)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(272)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(342)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-20%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Brumadinho &amp; decharacterization of dams&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(126)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(305)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-59%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(166)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(687)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-76%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other operational expenses<SUP>2</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(101)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(159)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-36%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(208)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-51%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(451)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(297)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">52%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">EBITDA from associates and JVs</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">242</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">254</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">253</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">698</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">621</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">12%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,867</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,651</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-21%</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,200</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-10%</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>8,791</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>9,928</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-11%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation, amortization &amp; depletion</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">748</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">780</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">793</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,255</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,215</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,615</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4,431</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-18%</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,993</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-9%</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>11,046</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>12,143</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-9%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Proforma Adjusted EBITDA<SUP>3,4</SUP></B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,741</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4,736</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-21%</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,992</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-6%</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>11,212</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>12,830</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-13%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Reconcilation of Proforma EBITDA to Net Income</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #D2F2EC; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Proforma Adjusted EBITDA<SUP>3,4</SUP></B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,741</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4,736</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-21%</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,992</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-6%</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>11,212</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>12,830</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-13%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Brumadinho and decharacterization of dams&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(126)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(305)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-59%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(166)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(687)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-76%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Impairment and results on disposal of non-current assets<SUP>2,5</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,050</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(122)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">928</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">13%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,905</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(279)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">EBITDA from associates and JVs</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(242)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(254)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(253)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(698)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(621)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">12%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Equity results on associates and JVs and other results</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(574)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">94</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">112</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(338)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">44</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(374)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(385)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,252)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-70%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(2,063)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,072)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">92%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Income taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(336)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(127)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">165%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(750)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(2,337)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-68%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation, depletion &amp; amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(748)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(780)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(793)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(2,255)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(2,215)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net income</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,391</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,857</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-16%</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,769</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-14%</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>6,847</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>5,663</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>21%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(Net income)/loss attributable to non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(21)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(98)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,412</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,836</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-15%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,769</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-13%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>6,860</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>5,565</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>23%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: gray">&sup1; Find more information on expenses in Annex 4: Brumadinho &amp; Decharacterization. <SUP>2</SUP> Includes adjustment of US$ 94 million in 3Q24, US$ 83 million in 2Q24, US$ 243 million in 9M24, US$ 47 million in 3Q23 and US$ 134 million in 9M23 to reflect the performance of the streaming transactions at market price. <SUP>3</SUP> Excluding expenses related to Brumadinho. <SUP>4</SUP> Starting from 1Q24 the EBITDA will be reported including the EBITDA proportionate from associates and JVs and the previous periods were restated. Previously, the EBITDA reflected solely the dividends received from associates and JVs. <SUP>5 </SUP>Net.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/90% Vale Sans Light,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7pt/90% Vale Sans Light,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7pt/90% Vale Sans Light,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; text-align: justify; color: #007E7A"><B>EBITDA </B></P>

<P STYLE="font: 9.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555"><BR>
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Proforma Adjusted EBITDA of US$ 3.7 billion</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
21% lower y/y and 6% lower q/q, mainly as a result of weaker realized iron ore fines prices and higher freight costs, partially offset
by the positive effect of BRL depreciation, lower costs and expenses and higher sales volumes.</FONT></P>

<P STYLE="font: 12pt/90% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

<P STYLE="font: 6pt/90% Vale Sans Light,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt/90% Vale Sans Light,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt/90% Vale Sans Light,sans-serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt/90% Arial, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD>
    <P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #0ABB98"><B>Proforma Adjusted EBITDA 3Q24 vs. 3Q23 - US$ million</B></P></TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 12pt/90% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><IMG SRC="image_006.jpg" ALT=""></P>

<P STYLE="font: 6pt/90% Vale Sans Light,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt/90% Vale Sans Light,sans-serif; margin: 0; color: gray"><SUP>1</SUP> Excluding Brumadinho expenses. 3Q23 EBITDA was
restated including associates and JV&rsquo;s EBITDA (US$ 254 million). <SUP>2</SUP> Including by-products (US$ 66 million), EBITDA Energy
(US$ 5 million) and Associates and JVs EBITDA (US$ -12 million).</P>

<P STYLE="font: 6pt/90% Vale Sans Light,sans-serif; margin: 0; color: gray">&nbsp;</P>

<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; text-align: justify; color: #007E7A"><B>Net Income</B></P>

<P STYLE="font: 9.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555"><BR>
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Net income attributable to Vale&rsquo;s shareholders of US$
2.4 billion, 15% lower y/y and 13% lower q/q</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">, mainly
due to lower Proforma EBITDA and the negative effect from Associates &amp; JV's as a result of Samarco&rsquo;s dam failure potential settlement
agreement. This was partially offset by a positive effect from the disposal of non-current assets related to VODC's 50% stake sale.</FONT></P>

<P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; text-align: justify; color: #0ABB98"><B>Net income attributable to Vale&rsquo;s
shareholders 3Q24 vs. 3Q23 &ndash; US$ million</B></P>

<P STYLE="font: 12pt/90% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<P STYLE="text-align: center; font: 6pt/90% Vale Sans Light,sans-serif; margin-top: 0; margin-bottom: 0"><IMG SRC="image_007.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 6pt/90% Vale Sans Light,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt/90% Vale Sans Light,sans-serif; margin: 0"><BR>
<BR>
</P>

<P STYLE="font: 6pt/115% Vale Sans Light,sans-serif; margin: 0 0 8pt; color: #818181"><SUP>1</SUP>
Considers equity results and EBITDA from associates and JVs. <SUP>2</SUP> Impairment and disposal of non-current assets, net. Includes
the sale of 50% of VODC's share capital to Apollo of which: US$ 600 million in proceedings received from the sale, US$ 600 million related
to the fair value of 50% interest retained and US$ 22 million in other effects related to the deconsolidation. Includes adjustment of
US$ 94 million in 3Q24 and US$ 47 million in 3Q23 to reflect the performance of the streaming transactions at market price. <SUP>3 </SUP>Includes
(i) US$ 32 million in depreciation, depletion &amp; amortization, (ii) US$ 11 million in financial results and (iii) US$ 42 million net
income/loss attributable to non-controlling interests.</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 22pt/115% Vale Sans,sans-serif; margin: 0.25in 0 4pt; color: #007E7A"><B>Capital Expenditures</B></P>

<P STYLE="font: 14pt/90% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/90% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B>Total CAPEX</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="width: 27%; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 9%; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Iron Ore Solutions</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">963</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">906</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,907</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,438</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">19%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Energy Transition Metals</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">376</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">453</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-17%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">405</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-7%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,148</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,209</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Nickel</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">298</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">365</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-18%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">344</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-13%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">948</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">936</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Copper</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">78</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">88</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-11%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">61</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">28%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">200</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">273</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-27%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Energy and others</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">22</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">48</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-54%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">29%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">66</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">155</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-57%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,398</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,464</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-5%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,328</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>5%</B></FONT></TD>
    <TD STYLE="background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4121</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,802</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>8%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/90% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/90% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B>Growth Projects</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="width: 27%; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 9%; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Iron Ore Solutions</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">323</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">354</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-9%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">293</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">936</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">845</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Energy Transition Metals</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">49</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">96</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-49%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">33</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">48%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">121</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">263</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-54%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Nickel</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">46</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">67</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-31%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">29</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">59%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">107</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">151</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-29%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Copper</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">29</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-90%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-25%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">14</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">112</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-88%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Energy and others</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-78%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">100%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">14</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">62</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-77%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>376</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>468</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-20%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>328</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>15%</B></FONT></TD>
    <TD STYLE="background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,071</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,170</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-8%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><BR>
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Investments in growth projects totaled US$ 376 million</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
US$ 92 million (-20%) lower y/y, mainly as a result of (i) lower expenditures with the Salobo 3 copper project; (ii) the deconsolidation
of PTVI in our Energy Transition Metals business; and (iii) lower disbursements for the Tubar&atilde;o Briquette project as the physical
progress is at an advanced stage. </FONT></P>

<P STYLE="font: 8pt/90% Vale Sans Light,sans-serif; margin: 0 0 8pt; color: #555555">&nbsp;</P>

<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; text-align: justify; color: #007E7A"><B>Sustaining Investments</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="width: 27%; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 9%; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 9%; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Iron Ore Solutions</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">677</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">609</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">613</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,971</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,593</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">24%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Energy Transition Metals</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">327</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">357</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-8%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">372</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-12%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,027</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">946</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Nickel</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">252</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">298</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-15%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">315</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-20%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">841</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">785</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Copper</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">75</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">59</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">27%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">57</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">32%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">186</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">161</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">16%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Energy and others</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">30</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-40%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">15</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">20%</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">52</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">93</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-44%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,022</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>996</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3%</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,000</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2%</B></FONT></TD>
    <TD STYLE="background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,050</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,632</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>16%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B><BR>&nbsp;</B></FONT></P>

<P STYLE="font: 9.5pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Sustaining investments totaled US$ 1.022 billion</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">, US$
26 million (+3%) higher y/y mainly as a result of higher investments in equipment and asset reliability improvements partially compensated
by lower expenditures in the Voisey&rsquo;s Bay Mine Expansion nickel project. </FONT></P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 22pt/115% Vale Sans,sans-serif; margin: 0.25in 0 4pt; color: #007E7A"><B>Free cash flow</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 43%; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 7%; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Proforma Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,741</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4,736</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-21%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,992</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>11,212</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>12,830</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-13%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Working capital</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(570)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(186)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">206%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(1,111)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(213)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(45)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">373%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #A6A6A6 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Brumadinho and de-characterization expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(420)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(559)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-25%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(480)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-13%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,262)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(1,595)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-21%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #A6A6A6 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Income taxes and REFIS</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(471)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(720)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-35%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(466)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,443)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(1,631)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-12%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #A6A6A6 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Capex</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,398)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(1,464)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(1,328)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(4,121)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(3,802)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Associates &amp; JVs</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(242)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(254)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(253)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(698)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(621)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">12%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #A6A6A6 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(461)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(427)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(532)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-13%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,474)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(950)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">55%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Free Cash Flow</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>179</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>1,126</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>-84%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>(178)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>n.a.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,001</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>4,186</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>-52%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #A6A6A6 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cash management and others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(2,121)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(2,087)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">3,056</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(860)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(5,023)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-83%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Increase/Decrease in cash &amp; equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(1,942)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>(961)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>102%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>2,878</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>n.a.</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,141</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>(837)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>n.a.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Free
Cash Flow generation reached US$ 179 million in 3Q24</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
US$ 947 million lower y/y, mainly explained by lower Proforma EBITDA (US$ 995 million lower y/y).</FONT></P>

<P STYLE="font: 9.5pt/110% Vale Sans Light,sans-serif; margin: 0 0 6pt; text-align: justify; color: #555555">In the quarter, EBITDA-to-cash
conversion was impacted by a negative working capital of US$ 570 million, largely explained by an increase in accounts receivables, given
higher provisional prices and accrued iron ore sales at the end of the quarter.</P>

<P STYLE="font: 9.5pt/115% Vale Sans Light,sans-serif; margin: 0 0 8pt; text-align: justify; color: #555555">Vale&rsquo;s cash position
was impacted by: (i) the distribution of US$ 1.6 billion to shareholders in interest on capital, (ii) the continuation of debt liability
management, with a negative US$ 632 million net effect, (iii) the acquisition of the 45%-stake of Alian&ccedil;a Energia for US$ 493 million,
all partly offset by the proceeds from the sale of a 50%-stake at VODC for US$ 600 million.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9.5pt Vale Sans,sans-serif; margin: 0; color: #0ABB98"><B><BR>
    Free Cash Flow 3Q24 - US$ million</B></P>
    <P STYLE="font: 9.5pt Vale Sans,sans-serif; margin: 0; color: #0ABB98"><B>&nbsp;</B></P>
    <P STYLE="text-align: center; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><IMG SRC="image_009.jpg" ALT="">&nbsp;</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #0ABB98"><B></B></FONT></P>
    <P STYLE="font: 6pt Vale Sans Light,sans-serif; margin: 0; color: #818181"><SUP>1</SUP> Includes US$ 342 million in disbursements related
    to the Brumadinho and de-characterization provisioned expenses and US$ 78 million in Brumadinho incurred expenses. <SUP>2</SUP> Related
    to Associates and Joint Ventures EBITDA that was included in the Proforma EBITDA. <SUP>3 </SUP>Includes interest on loan, derivatives,
    leasing, payments related to Samarco dam failure and others. <SUP>4 </SUP>Includes disbursements of US$ 1.586 billion in interest on capital,
    US$ 20 million in shares buyback, US$ 493 million for the acquisition of Alian&ccedil;a Energia and US$ 1.584 billion in debt repayment.
    These were partially offset by US$ 962 million in new loans&amp; bonds and US$ 600 million received from VODC transaction.</P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 22pt/115% Vale Sans; margin: 0.25in 0 4pt; color: #007E7A"><B>Debt</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000; font: 8pt Vale Sans">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 8pt Vale Sans; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt; color: #747678"><B>Gross debt&sup1;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #747678"><B>13,420</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #747678"><B>12,556</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #747678"><B>7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #747678"><B>13,770</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #747678"><B>-3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 8pt Vale Sans; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Lease (IFRS 16)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">765</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,480</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-48%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,360</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-44%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 8pt Vale Sans; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt; color: #747678"><B>Gross debt and leases</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #747678"><B>14,185</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #747678"><B>14,036</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #747678"><B>1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #747678"><B>15,130</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #747678"><B>-6%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 8pt Vale Sans; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cash, cash equivalents and short-term investments</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(4,649)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(4,027)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">15%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(6,540)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-29%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 8pt Vale Sans; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt; color: #747678"><B>Net debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #747678"><B>9,536</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #747678"><B>10,009</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #747678"><B>-5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #747678"><B>8,590</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #747678"><B>11%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 8pt Vale Sans; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Currency swaps<SUP>2</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(128)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(722)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-82%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(26)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">392%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 8pt Vale Sans; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Brumadinho provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,390</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,197</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-25%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,412</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 8pt Vale Sans; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Samarco &amp; Renova Foundation provisions</FONT><FONT STYLE="font-size: 9pt; color: #747678"><SUP>3</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4,674</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">55%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,707</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">26%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 8pt Vale Sans; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-size: 9pt; color: #747678"><B>Expanded net debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #747678"><B>16,472</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #747678"><B>15,494</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #828282"><B>6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #747678"><B>14,683</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #828282"><B>12%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 8pt Vale Sans; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Average debt maturity (years)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 8pt Vale Sans; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cost of debt after hedge (% pa)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 8pt Vale Sans; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Total debt and leases / adjusted LTM EBITDA (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-11%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 8pt Vale Sans; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Net debt / adjusted LTM EBITDA (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-17%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 8pt Vale Sans; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Adjusted LTM EBITDA / LTM gross interest (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">22.4</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 8pt Vale Sans; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23.0</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-3%</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 8pt Vale Sans; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23.6</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-5%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="font: 8pt Vale Sans; padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: gray">&sup1; Does not include leases (IFRS 16). &sup2; Includes interest rate swaps. &sup3; Provisions in 3Q23 do not include Germano which was reported separately at the time. With Germano, the provisions in 3Q23 would have been US$ 3,219.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt/115% Vale Sans; margin: 0 0 8pt; text-align: justify"><FONT STYLE="color: #007E7A">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt/115% Vale Sans; margin: 0 0 8pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Gross debt and leases reached
US$ 14.2 billion as of September 30<SUP>th</SUP>, 2024, US$ 0.9 billion lower q/q</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
mainly as a result of the net effect of liability management in the quarter (~US$ 0.6 billion) and the deconsolidation of Vale Oman Distribution
Center&rsquo;s liabilities (US$ 0.6 billion) after the sale of the 50% stake.</FONT></P>

<P STYLE="font: 9.5pt/115% Vale Sans; margin: 0 0 8pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Samarco &amp; Renova Foundation
provisions: </B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">This quarter, Vale recognized an additional
provision of US$ 956 million for Samarco/Renova based on advanced negotiations with Brazilian authorities for an agreement which defines
the measures for the reparation and compensation related to the collapse of the Samarco dam. The amount of the additional provisions considers
the extent to which Samarco may be able to fund future outflows. Total provisions for Samarco &amp; Renova Foundation now stand at US$
4.7 billion. </FONT></P>

<P STYLE="font: 9.5pt/115% Vale Sans; margin: 0 0 8pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Expanded net debt increased
by US$ 1.8 billion q/q, totaling almost US$ 16.5 billion</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
mainly as a result of a reduction in cash and cash equivalents to US$ 4.7 billion (US$ 1.9 billion lower q/q) and the increase in provisions
related to Samarco and the Renova Foundation (~ US$ 1 billion). Vale&rsquo;s expanded net debt target remains at US$ 10-20 billion.</FONT></P>

<P STYLE="font: 9.5pt/115% Vale Sans; margin: 0 0 8pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Average debt maturity declined
to 8.9 years at the end of 3Q24</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">from 9.2 years at the
end of 2Q24. The average annual cost of debt after currency and interest rate swaps was 5.6%, falling from 2Q24&rsquo;s 5.8%.</FONT></P>

<P STYLE="font: 9.5pt/115% Vale Sans Light,sans-serif; margin: 0 0 8pt; text-align: justify; color: #555555">In October, Moody&rsquo;s
upgraded Vale S.A and Vale Overseas Limited&rsquo;s issuer rating and senior unsecured notes rating to &ldquo;Baa2&rdquo; from &ldquo;Baa3&rdquo;
and reaffirmed the positive outlook on the ratings. The rating agency also upgraded the senior unsecured notes issued by Vale Canada Ltd.
to &ldquo;Baa3&rdquo; from &ldquo;Ba1&rdquo; and changed the ratings outlook from stable to positive.</P>

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


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<P STYLE="font: 20pt/115% Vale Sans,sans-serif; margin: 0.25in 0 4pt; color: #007E7A"><B>Segments&rsquo; Performance </B></P>

<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B>Proforma Adjusted EBITDA from continuing operations,
by business area:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>3,731</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>4,696</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>-21%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>3,887</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>-4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>11,077</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>12,236</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>-9%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Fines</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,844</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,799</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-25%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,071</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,422</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,670</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-13%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">790</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">751</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">724</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,396</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,200</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Other </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">97</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">146</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-34%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">92</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">259</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">366</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-29%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Energy Transition Metals&sup1;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; background-color: #00B0F0; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>248</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #00B0F0; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>385</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>-36%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #00B0F0; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>407</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>-39%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #00B0F0; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>912</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #00B0F0; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>1,434</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>-36%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(66)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">108</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">59</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">663</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-91%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Copper</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">360</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">269</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">34%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">351</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">995</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">725</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">37%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(46)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(52)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-12%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(142)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">46</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Others<SUP>2 3</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D9D9D9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(238)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(345)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-31%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(302)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-21%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D9D9D9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(777)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(840)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-8%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; background-color: #BBBBBB; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #BBBBBB; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,741</B></FONT></TD>
    <TD STYLE="background-color: #BBBBBB; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4,736</B></FONT></TD>
    <TD STYLE="background-color: #BBBBBB; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-21%</B></FONT></TD>
    <TD STYLE="background-color: #BBBBBB; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,992</B></FONT></TD>
    <TD STYLE="background-color: #BBBBBB; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-6%</B></FONT></TD>
    <TD STYLE="background-color: #BBBBBB; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>11,212</B></FONT></TD>
    <TD STYLE="background-color: #BBBBBB; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>12,830</B></FONT></TD>
    <TD STYLE="background-color: #BBBBBB; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-13%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #747678">&sup1; Includes adjustment of US$ 94 million in 3Q24, US$ 83 million in 2Q24, US$ 243 million in 9M24, US$ 47 million in 3Q23 and US$ 134 million in 9M23, 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$ 20 million in unallocated expenses from Vale Base Metals Ltd (&quot;VBM&quot;) in 3Q24. Considering the unallocated expenses, VBM&rsquo;s EBITDA was US$ 228 million in 3Q24.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: red">&nbsp;</P>

<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B>Segment information 3Q24</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Net operating revenues</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Cost&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>SG&amp;A and others&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>R&amp;D&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Pre operating &amp; stoppage&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Associates and JVs EBITDA</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Adjusted EBITDA</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>&nbsp;7,970 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>&nbsp;(4,255)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>&nbsp;(45)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>&nbsp;(87)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>&nbsp;(63)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>&nbsp;211 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>&nbsp;3,731 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Fines</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;6,281 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(3,371)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(15)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(76)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(58)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;83 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;2,844 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;1,502 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(747)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;43 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;790 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Other </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;187 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(137)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(28)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(8)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;85 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;97 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>&nbsp;1,583 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>&nbsp;(1,313)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>&nbsp;30 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>&nbsp;(74)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>&nbsp;(1)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>&nbsp;23 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>&nbsp;248 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Nickel&sup2;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;904 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(936)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(17)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(34)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;18 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(66)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Copper<SUP>3</SUP></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;759 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(366)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(30)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;360 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Others<SUP>4</SUP></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(80)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(11)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;50 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(10)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;5 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(46)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Brumadinho and decharacterization of dams</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(126)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(126)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Others<SUP>5</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(211)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(32)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(3)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;8 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(238)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="background-color: #BFBFBF; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="background-color: #BFBFBF; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;9,553 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #BFBFBF; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(5,568)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #BFBFBF; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(352)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #BFBFBF; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(193)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #BFBFBF; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(67)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; background-color: #BFBFBF; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;242 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #BFBFBF; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;3,615 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="15" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; 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. </FONT><FONT STYLE="font-family: Aptos Narrow,sans-serif; font-size: 6pt; color: #7F7F7F">&#8308;</FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #7F7F7F">Includes an adjustment of US$ 94 million increasing the adjusted EBITDA in 3Q24, 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$ 20 million in unallocated expenses from Vale Base Metals Ltd (&quot;VBM&quot;) in 3Q24. Considering the unallocated expenses, VBM&rsquo;s EBITDA was US$ 228 million in 3Q24.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
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    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
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    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
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    <TD STYLE="width: 9%">&nbsp;</TD></TR>
  </TABLE>
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<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 24pt 0 8pt; text-align: justify; color: #0ABB98"><B><BR>
Highlights</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 43%; border-right: #FFC000 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 7%; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Average Prices (US$/t)</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Iron ore - 62% Fe price</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">99.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">114.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-13%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">111.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-11%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">111.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">116.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Iron ore fines realized price, CFR/FOB</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">90.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">105.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">98.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">96.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">103.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Iron ore pellets realized price, CFR/FOB</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">148.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">161.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">157.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">158.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">161.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Volume sold (&lsquo;000 metric tons) </B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Fines</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">69,344</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">69,714</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">68,512</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">190,402</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">178,904</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pellets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10,143</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,613</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,864</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">28,232</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">25,556</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">ROM</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,351</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,232</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,416</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6,822</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6,132</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total - Iron ore</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>81,838</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>80,559</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>79,792</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D2F2EC; padding-right: -1.9pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>225,456</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>210,591</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>7%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Financials indicators&nbsp;&nbsp;(US$ million)</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Net Revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7,970</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,862</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,298</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23,293</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23,049</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Costs&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(4,255)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(4,164)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(4,415)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(12,222)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(10,883)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">12%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">SG&amp;A and Other expenses&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(45)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(79)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-43%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(81)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-44%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(190)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(101)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">88%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pre-operating and stoppage expenses&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(63)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(89)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-29%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(67)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(194)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(258)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-25%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">R&amp;D expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(87)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(75)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">16%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(94)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(264)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(179)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">47%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">EBITDA Associates &amp; JVs</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">211</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">241</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-12%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">246</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">654</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">608</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,731</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4,696</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-21%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,887</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>11,077</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>12,236</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-9%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(515)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(508)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(574)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,570)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,413)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: white 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,216</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4,188</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-23%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,313</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>9,507</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>10,823</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-12%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #7F7F7F">&sup1; Net of depreciation and amortization.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 8pt 0; text-align: justify; color: #0ABB98"><B>Adjusted EBITDA per segment</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Fines</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,844</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,799</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-25%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,071</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-7%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,422</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,670</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-13%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pellets</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">790</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">751</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">724</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,396</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,200</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other </FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">97</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">146</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-34%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">92</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">259</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">366</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-29%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,731</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4,696</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-21%</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,887</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-4%</B></FONT></TD>
    <TD STYLE="background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>11,077</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>12,236</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-9%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B><BR>
Iron Ore Solutions EBITDA was US$ 3.7 billion</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">, 21% lower
y/y, driven by lower prices. Cost and expenses were flat y/y.</FONT></P>

<P STYLE="font: 9.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>In
Iron Ore Fines, EBITDA decreased by 25% y/y, totaling US$ 2.8 billion</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
mostly explained by lower realized prices (US$ 1.016 billion) and higher freight costs (US$ 104 million). These effects were partially
offset by the positive effect of the BRL depreciation (US$ 144 million) and slightly lower cost and expenses (US$ 63 million).</FONT></P>

<P STYLE="font: 9.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>In
Iron Ore Pellets, EBITDA increased by 5% y/y, totaling US$ 790 million</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
mostly explained by 18% higher sales volumes (US$ 139 million) and the positive effect of the BRL depreciation (US$ 57 million), partially
offset by lower average realized prices (US$ 137 million).</FONT></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #0ABB98"><B>EBITDA variation &ndash; US$ million (3Q24 vs. 3Q23)</B></P>

<P STYLE="text-align: center; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><IMG SRC="image_012.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: gray"><SUP></SUP></FONT></P>

<P STYLE="font: 6pt/110% Vale Sans Light,sans-serif; margin: 0 0 6pt; color: gray"><SUP>1</SUP> Includes associates and JV&rsquo;s EBITDA
and others.</P>

<P STYLE="font: 20pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B>Iron Ore Fines</B></P>

<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #0ABB98"><B>Product mix</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="width: 43%; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>'000 metric tons</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 7%; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Volume sold</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #0ABB98">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>Fines&sup1;</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>69,344</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>69,714</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-1%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>68,512</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>190,402</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>178,904</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>6%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">IOCJ</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11,709</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">14,758</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-21%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">13,180</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-11%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">34,290</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">39,599</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-13%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">BRBF</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">34,797</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">36,454</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-5%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">30,528</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">14%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">91,018</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">89,134</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pellet feed - China (PFC1)</FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F"><SUP>&sup2;</SUP></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,328</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4,234</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-21%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,337</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,201</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10,056</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Lump</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,971</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,367</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-17%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,782</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5,562</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5,626</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">High-silica products</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,050</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6,131</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">31%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11,372&sup3;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-29%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">26,584&sup3;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18,090</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">47%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: white 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other fines (60-62% Fe)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,489</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5,770</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">64%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,313&sup3;</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">14%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,256&sup3;</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">16,399</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-50%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: gray"><SUP>1</SUP> Including third-party purchases. <SUP>2</SUP> Products concentrated in Chinese facilities. <SUP>3</SUP> Restated from historical figures. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 12pt; text-align: justify; color: #0ABB98"><B><BR>&nbsp;</B></P>

<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 12pt; text-align: justify; color: #0ABB98"><B>Revenues </B></P>

<P STYLE="font: 9.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>The
average realized iron ore fines price was US$ 90.6/t</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
US$ 7.6/t lower q/q, despite iron ore reference prices decreasing by US$ 12/t in the period. The lower decline vs. the reference price
is attributed to the positive effect of provisional pricing adjustments, given higher-than-average forward prices in the last day of the
quarter (US$ 4.7/t higher q/q) and an enhanced product portfolio (US$ 1.4/t higher q/q).</FONT></P>

<P STYLE="font: 9.5pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>The
iron ore fines premium totaled US$ -1.9/t, improving US$ 1.4/t q/q</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
driven by enhanced average quality of the product portfolio. This is a result of increased availability of high-quality products, mainly
from the Northern System, allowing for higher BRBF sales and the proactive decision to reduce direct sales of high-silica products due
to market conditions.</FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>The all-in premium improved by US$ 1.8/t,
totaling US$ 1.7/t</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">, driven by a higher share of pellet
sales.</FONT></P>

<P STYLE="font: 9.5pt/110% Vale Sans,sans-serif; margin: 0 0 8pt; text-align: justify; color: #0ABB98"><B>Price realization iron ore fines
&ndash; US$/t 3Q24</B></P>

<P STYLE="text-align: center; font: 12pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><IMG SRC="image_013.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 115%"></FONT></P>

<P STYLE="font: 6pt/90% Vale Sans Light,sans-serif; margin: 0 0 3pt 0.2pt; color: gray"><SUP>1</SUP> Includes quality (US$ 0.4/t) and
premiums/discounts and commercial conditions (US$ -2.3/t). <SUP>2</SUP> Adjustment as a result of provisional prices booked in 2Q24 at
US$ 106.5/t. <SUP>3</SUP> Difference between the weighted average of the prices provisionally set at the end of 3Q24 at US$ 108.8/t based
on forward curves and US$ 99.7/t from the 3Q24 average reference price. <SUP>4</SUP> Includes freight pricing mechanisms of CFR sales
freight recognition. <SUP>5</SUP> Vale&rsquo;s price is net of taxes.</P>

<P STYLE="font: 8pt/90% Vale Sans Light,sans-serif; margin: 0 0 3pt 0.2pt; color: #555555">&nbsp;</P>


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<P STYLE="font: 12pt/90% Arial, Helvetica, Sans-Serif; margin: 0 0 3pt 0.2pt">&nbsp;</P>

<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #0ABB98"><B>Costs and expenses</B></P>

<P STYLE="font: 9.5pt/90% Vale Sans,sans-serif; margin: 8pt 0 8pt 0.3pt; color: #0ABB98"><B><BR>
Iron ore fines and pellets all-in costs (cash cost break-even landed in China)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 43%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$/t</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>C1 cash cost, incl. 3<SUP>rd</SUP>-party purchases<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>24.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>25.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>28.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-15%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>26.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>26.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #747678"><B>1%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">C1 cash cost, ex-3<SUP>rd</SUP>-party purchases </FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">20.6</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">21.9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-6%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">24.9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-17%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">22.9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">22.9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #7F7F7F">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">3<SUP>rd</SUP>-party purchases cost adjustments</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">3.3</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">3.7</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-10%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">3.4</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-2%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">3.6</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">3.3</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #7F7F7F">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Freight cost<SUP>2</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">20.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">19.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">19.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #747678">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Distribution cost</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #747678">-6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Expenses<SUP>3</SUP> &amp; royalties</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-12%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #747678">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Moisture adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-12%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #747678">1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Iron ore fines quality adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(0.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-41%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(0.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Iron ore fines all-in costs </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>58.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>57.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>64.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>61.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>57.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #747678"><B>8%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pellet business contribution</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(3.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(3.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(3.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">15%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(3.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(3.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #747678">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Iron ore fines and pellets all-in costs </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>55.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>53.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>61.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>58.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>54.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #747678"><B>8%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Sustaining investments (fines and pellets)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #747678">12%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Iron ore fines and pellets all-in costs&#8308; </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>63.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>61.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>69.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>67.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>62.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #747678"><B>8%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #7F7F7F">&sup1; Ex-ROM, ex-royalties and FOB (US$/t).&nbsp;&nbsp;<SUP>2</SUP> Ex-bunker oil hedge. <SUP>3</SUP> Net of depreciation and associates and JV&rsquo;s EBITDA . Including stoppage expenses. </FONT><FONT STYLE="font-family: Aptos Narrow,sans-serif; font-size: 6pt; color: #7F7F7F">&#8308;</FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #7F7F7F">Includes sustaining.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/90% Vale Sans Light,sans-serif; margin: 0 0 3pt 0.2pt; color: #555555">&nbsp;</P>

<P STYLE="font: 9.5pt/90% Vale Sans,sans-serif; margin: 8pt 0 8pt 0.3pt; color: #0ABB98"><B>Iron ore fines C1 production costs</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 43%; border-bottom: #A6A6A6 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$/t</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; t/t</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: gray 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">C1 production costs, ex-3<SUP>rd</SUP>-party purchases</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">21.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-13%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">24.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-24%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">24.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">24.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">C1 cash cost, ex-3<SUP>rd</SUP>-party purchases</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">20.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">21.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">24.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-17%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">25.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: red">&nbsp;</P>

<P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 6pt; text-align: justify; color: #007E7A"><B>The C1 cash cost, ex-third-party
purchases, reached US$ 20.6/t in Q3, US$ 4.3/t lower q/q.</B></P>

<P STYLE="font: 9.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">This
significant C1 reduction was driven by: (i) increased production and the resulting fixed cost dilution, particularly in the Northern System;
(ii) lower maintenance costs, following the strategy to concentrate activities in the 1H24; (iii) the positive impact of the BRL depreciation;
and (iv) continued progress of the efficiency program. These gains were partially offset by the impact of the inventory turnover effect.
The </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>C1 production cost reached US$ 18.2/t in September</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
indicating a solid performance for the upcoming quarter.</FONT></P>

<P STYLE="font: 9.5pt/90% Vale Sans,sans-serif; margin: 8pt 0 8pt 0.3pt; color: #0ABB98"><B>C1 cash cost, ex-third-party purchase costs
- US$/t, 3Q24 vs. 2Q24</B></P>

<P STYLE="text-align: center; font: 12pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><IMG SRC="image_014.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: #0ABB98; line-height: 115%"><B></B></FONT></P>

<P STYLE="font: 6pt/115% Vale Sans Light,sans-serif; margin: 0 0 8pt; color: gray"><SUP>1</SUP> Including demurrage (US$ -0.4/t) and others
(US$ -0.2/t).</P>

<P STYLE="font: 9.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Vale's
maritime freight cost averaged US$ 20.6/t, US$ 6.1/t lower than the Brazil-China C3 route average in Q3</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">.
The US$ 1.6/t sequential increase in freight cost is largely explained by a larger exposure to spot freight rates (US$ 1.1/t higher q/q),
driven by Vale&rsquo;s usual shipping seasonality and higher bunker fuel costs (US$ 0.4/t higher q/q). CFR sales totaled 59.8 Mt in Q3,
representing 86% of total iron ore fines sales.</FONT></P>


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<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 20pt; color: #007E7A; line-height: 115%"><B><BR STYLE="clear: both">
</B></FONT></P>

<P STYLE="font: 20pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B>Pellets</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 43%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Net revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,502</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,388</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,394</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4,481</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4,123</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cash costs<SUP>1 </SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(747)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(669)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">12%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(705)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(2,191)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,991)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pre-operational &amp; stoppage expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-50%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">50%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(15)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-33%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Expenses<SUP>2</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">400%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">400%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-88%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Leased pelletizing plants EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">43</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">39</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">38</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">13%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">117</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">91</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">29%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>790</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>751</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>724</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,396</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,200</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>9%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Iron ore pellets realized price (CFR/FOB, US$/t)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>148.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>161.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>157.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>158.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>161.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-2%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Cash costs<SUP>1</SUP> per ton (US$/t)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>73.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>77.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>79.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>77.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>77.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>0%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>EBITDA per ton (US$/t)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>77.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>87.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-11%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>81.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>84.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>86.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: gray"><SUP>1</SUP> Including iron ore, leasing, freight, overhead, energy and others.&nbsp;&nbsp;<SUP>2</SUP> Including selling, R&amp;D and others.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt/115% Vale Sans Light,sans-serif; margin: 0 0 8pt; color: red"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Pellets
sales reached 10.1 Mt, 14% higher q/q and 18% higher y/y</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
driven by higher pellet production and healthy demand.</FONT></P>

<P STYLE="font: 9.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>The
average realized iron ore pellets price was US$ 148.2/t, US$ 9.0/t lower q/q</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
due to lower 65%Fe index iron ore prices (US$ 12.0/t lower q/q), which were partially offset by the positive effect of pricing mechanisms
(US$ 2.9/t).</FONT></P>

<P STYLE="font: 9.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Pellets&rsquo;
cash costs per ton was 5% lower q/q, totaling US$ 73.6/t</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
mainly as a result of increased production and the resulting fixed cost dilution. FOB sales represented 61% of total sales.</FONT></P>




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<P STYLE="font: 22pt/110% Vale Sans,sans-serif; margin-top: 0; margin-bottom: 8pt; text-align: center; color: #007E7A"><B><IMG SRC="image_015.jpg" ALT="">&nbsp;</B></P>

<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0 0 8pt; text-align: justify; color: #3CB5E5"><B>Highlights</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million (unless otherwise stated)</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Net Revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,583</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,718</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,622</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4,639</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5,622</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-17%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Costs&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,313)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,338)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,171)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">12%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(3,621)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(4,083)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">SG&amp;A and Other expenses&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">75</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-60%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">22</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">36%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">58</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">81</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-28%.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pre-operating and stoppage expenses&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-67%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">R&amp;D expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(74)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(75)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(70)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(195)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(187)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">EBITDA from associates and JVs&sup2;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">283%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">229%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">36</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">500%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>248</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>385</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-36%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>407</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-39%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>912</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,434</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-36%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(212)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(257)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-18%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(229)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(664)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(760)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-13%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>36</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>128</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-72%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>178</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-80%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>248</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>674</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-63%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: gray">&sup1; Includes an adjustment of US$ 94 million increasing the adjusted EBITDA in 3Q24, 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; Starting in 3Q24, PTVI EBITDA is included in EBITDA from associates and JVs, reflecting VBM's ownership of 33.9% in PTVI. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0 0 8pt; text-align: justify; color: #3CB5E5"><B>Adjusted EBITDA</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 43%; border-bottom: #A6A6A6 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #A6A6A6 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #A6A6A6 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(66)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">108</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">59</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">663</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-91%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #A6A6A6 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Copper</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">360</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">269</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">34%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">351</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">995</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">725</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">37%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(46)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">16</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(52)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-12%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(142)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">46</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>248</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>385</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-36%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>407</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-39%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>912</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,434</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-36%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt/110% Vale Sans Light,sans-serif; margin: 0 0 6pt; text-align: justify; color: #555555">&nbsp;</P>

<P STYLE="font: 9.5pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #198FBE"><B>EBITDA
decreased by 36% y/y,</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">largely impacted by the nickel
segment. </FONT></P>

<P STYLE="font: 9.5pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #198FBE"><B>In
Copper, EBITDA increased by 34% y/y, </B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">positively impacted
by higher realized copper prices (US$ 79 million) and stronger by-product revenues (US$ 45 million), partially offset by the impact of
the conveyor belt occurred at Salobo 3 (US$ -21 million) and other effects (US$ -13 million), included in Others. </FONT></P>

<P STYLE="font: 9.5pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #198FBE"><B>In
Nickel, EBITDA decreased to US$ -66 million in Q3,</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">mainly
explained by lower realized nickel prices (US$ -192 million), the PTVI deconsolidation (US$ -167 million) and higher volumes (US$ -30
million). These were partially offset by stronger by-products revenues (US$ 21 million) and Others (US$ 192 million), largely explained
by a decrease in external feed costs.</FONT></P>

<P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 6pt 0 8pt; color: #3CB5E5"><B>EBITDA variation &ndash; US$ million (3Q24 vs.
3Q23)</B></P>

<P STYLE="text-align: center; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0"><IMG SRC="image_016.jpg" ALT=""><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #3CB5E5"><B></B></FONT></P>

<P STYLE="font: 6pt/110% Vale Sans Light,sans-serif; margin: 0 82.15pt 8pt 0; text-align: justify"><FONT STYLE="color: gray"><SUP>1 </SUP>Includes
variations of (i) negative US$ 21 million in PPA, (ii) positive US$ 46 million in currency variation, (iii) positive US$ 61 million in
costs and expenses and (iv) EBITDA from associates and JVs of US$20 million in others. <SUP>2</SUP> Includes </FONT><FONT STYLE="color: #777777">an</FONT>
<FONT STYLE="color: gray">adjustment of US$ </FONT><FONT STYLE="color: #777777">94</FONT> <FONT STYLE="color: gray">million increasing
the adjusted EBITDA in 3Q24, 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></P>

<P STYLE="font: 9.5pt/110% Vale Sans Light,sans-serif; margin: 0 0 8pt; text-align: justify; color: #555555">&nbsp;</P>

<P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #3CB5E5"><B>&nbsp;</B></P>


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<P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #3CB5E5"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0 0 8pt"><FONT STYLE="font-size: 22pt; color: #00B0F0"><B>Copper</B></FONT><B><FONT STYLE="font-size: 14pt; color: #007E7A">&#9;</FONT></B></P>

<P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0 0 8pt"><B><FONT STYLE="font-size: 14pt; color: #007E7A"></FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million </B></FONT><B><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 6pt; color: #007E7A">(unless otherwise stated)</FONT></B></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">LME copper price (US$/t)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,210</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,356</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,753</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-6%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,131</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,585</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Average realized copper price (US$/t)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,016</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7,731</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,202</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,651</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7,969</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Volume sold &ndash; copper (kt)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">61</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">62</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">58</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">176</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">158</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">12%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Net Revenues</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">759</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">660</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">15%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">779</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-3%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,177</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,722</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">26%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Costs&sup1;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(366)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(341)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(391)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-6%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,086)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(930)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Selling and other expenses&sup1;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(3)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(3)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(8)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-63%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(14)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">40</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pre-operating and stoppage expenses&sup1;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(4)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-100%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">R&amp;D expenses</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(30)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(47)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-36%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(29)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(82)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(103)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-20%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>360</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>269</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>34%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>351</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>995</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>725</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>37%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation and amortization</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(39)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(49)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-20%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(41)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-5%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(120)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(120)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>321</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>220</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>46%</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>310</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4%</B></FONT></TD>
    <TD STYLE="background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>875</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>605</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>45%</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #7F7F7F">&sup1; Net of depreciation and amortization</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/80% Vale Sans,sans-serif; margin: 0 0 6pt; color: red">&nbsp;</P>

<P STYLE="font: 10.5pt/115% Vale Sans,sans-serif; margin: 0 0 0 0.2pt; color: #3CB5E5"><B>Adjusted EBITDA </B></P>

<P STYLE="font: 8pt/115% Vale Sans,sans-serif; margin: 0 0 0 0.2pt; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Salobo</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">311</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">251</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">24%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">306</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">878</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">655</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">34%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Sossego</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">98</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">59</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">66%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">44</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">123%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">159</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">128</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">24%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other&sup1;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(49)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(41)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">20%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(42)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(58)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-28%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>360</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>269</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>34%</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>351</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3%</B></FONT></TD>
    <TD STYLE="background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>995</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>725</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>37%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="white-space: nowrap"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: gray">&sup1; Includes US$ 25 million in R&amp;D expenses related to the Hu&rsquo;u project in 3Q24 and the unrealized provisional price adjustments.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 8pt 0.2pt; color: #3CB5E5"><B>Revenues </B></P>

<P STYLE="font: 9.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #198FBE"><B>Net
revenues increased by 17% y/y </B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">mainly because of the increase
in realized copper prices, as well as higher by-products revenues. The higher by-product revenue resulted from the increase in market
prices for gold.</FONT></P>

<P STYLE="font: 9.5pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #198FBE"><B>The
average realized copper price was up 17% y/y</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">mainly due
to higher average LME price. Sequentially, the average realized copper price was down 2%, on the back of lower LME prices.</FONT></P>

<P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 6pt 0 8pt; color: #3CB5E5"><B><BR>
Average realized copper price 3Q24 &ndash; US$/t</B></P>

<P STYLE="text-align: center; font: 12pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><IMG SRC="image_017.jpg" ALT=""><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #3CB5E5; line-height: 115%"><B></B></FONT></P>

<P STYLE="font: 6pt/115% Vale Sans Light,sans-serif; margin: 0 110.5pt 8pt 0; color: #777777">Note: Vale&rsquo;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).<BR>
<SUP>1 </SUP>Current-period price adjustments: Final invoices that were provisionally priced and settled within the quarter. <SUP>2 </SUP>Prior-period
price adjustment: Final invoices of sales provisionally priced in prior quarters. <SUP>3 </SUP>TC/RCs, penalties, premiums, and discounts
for intermediate products</P>

<P STYLE="font: 6pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 0.3pt; color: #777777">&nbsp;</P>

<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #3CB5E5"><B>&nbsp;</B></P>


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<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #3CB5E5"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 0 0.2pt; color: #3CB5E5"><B>Costs &amp; Expenses </B></P>

<P STYLE="font: 8pt/115% Vale Sans,sans-serif; margin: 0 0 0 0.2pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 0 0.2pt; color: #3CB5E5"><B>All-in costs (EBITDA breakeven)</B></P>

<P STYLE="font: 8pt/115% Vale Sans,sans-serif; margin: 0 0 0 0.2pt; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$/t</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">COGS</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5,962</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5,512</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6,726</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-11%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6,172</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5,895</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">By-product revenues</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(3,710)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(2,960)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">25%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(3,714)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(3,550)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(2,952)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">20%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>COGS after by-product revenues</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,252</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,552</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-12%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,012</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-25%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,622</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,943</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-11%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other expenses&sup1;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">96</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">152</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-37%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">168</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-43%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">137</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">70</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">96%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total costs</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,348</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,704</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-13%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,180</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-26%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,759</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,013</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-8%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">TC/RCs penalties, premiums and discounts</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">503</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">560</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-10%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">472</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">499</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">543</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>EBITDA breakeven&sup2;</B></FONT><B><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678"><SUP>,</SUP>&sup3;</FONT></B></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,851</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,264</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-13%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,651</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-22%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,258</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,556</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-8%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #7F7F7F">&sup1; Includes sales expenses, R&amp;D associated with Salobo and Sossego, pre-operating and stoppage expenses and other expenses.&nbsp;&nbsp;&sup2; Considering only the cash effect of streaming transactions, copper operations EBITDA break-even would increase to </FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: gray">US$ 4,799/t. </FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #7F7F7F">&sup3; The realized price to be compared to the EBITDA break-even should be the copper realized price before discounts (US$ 9,518/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="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 6pt; color: #198FBE"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #198FBE"><B>All-in
costs decreased by 13% y/y</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">, primarily due to higher unit
by-products revenues. </FONT></P>

<P STYLE="font: 9.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #198FBE"><B>Unit
COGS increased by 8% y/y</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">mainly driven by higher costs
at Salobo, due to repairs after the fire occurred at the conveyor belt in June. Unit COGS at Sossego performed stably.</FONT></P>

<P STYLE="font: 9.5pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.3pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #198FBE"><B>Unit
COGS, net of by-products, decreased by 12% y/y</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">mainly
reflecting the positive impact of by-products revenues, at both Salobo and Sossego.</FONT></P>

<P STYLE="font: 10.5pt/115% Vale Sans,sans-serif; margin: 0 0 0 0.2pt; color: #3CB5E5"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 0 0.2pt; color: #3CB5E5"><B>All-in costs (EBITDA breakeven)</B></P>

<P STYLE="font: 8pt/115% Vale Sans,sans-serif; margin: 0 0 0 0.2pt; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$/t</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Salobo</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,623</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,130</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-24%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,319</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-30%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,903</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,358</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-19%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Sossego</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,648</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,751</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-3%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5,652</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-35%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4,824</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4,511</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.3pt; text-indent: 404pt">&nbsp;</P>

<P STYLE="font: 9.5pt/90% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #198FBE"><B>Unit
expenses were 37% lower y/y,</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">mainly as a result of lower
R&amp;D expenditures.</FONT></P>

<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 0 0.2pt; color: #007E7A"><B><BR>
<BR>
</B></P>


<!-- Field: Page; Sequence: 16 -->
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<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: red">&nbsp;</P>

<P STYLE="font: 12pt Vale Sans,sans-serif; margin: 0 0 8pt; color: #00B0F0"><FONT STYLE="font-size: 22pt"><B>Nickel</B></FONT><B><FONT STYLE="font-size: 14pt">&#9;</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million </B></FONT><B><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 6pt; color: #007E7A">(unless otherwise stated)</FONT></B></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">LME nickel price (US$/t)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">16,259</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">20,344</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-20%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18,415</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-12%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17,072</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">22,890</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-25%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Average realized nickel price (US$/t)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17,012</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">21,237</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-20%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18,638</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-9%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17,478</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23,203</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-25%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Volume sold &ndash; nickel (kt)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">41</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">39</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">34</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">19%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">108</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">120</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-10%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Volume sold - copper (kt)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">14</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">12</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">15%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-23%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">52</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">53</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Net Revenues</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">904</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,023</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-12%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">879</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,619</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,566</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-27%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Costs&sup1;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(936)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(925)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(731)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">28%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(2,441)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(2,760)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-12%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Selling and other expenses&sup1;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(17)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">31</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(6)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">183%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(46)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(58)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-21%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pre-operating and stoppage expenses&sup1;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(3)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-67%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(5)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">400%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">R&amp;D expenses</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(34)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(28)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">21%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(31)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(86)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(84)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">EBITDA from associates and JVs&sup2;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(66)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>100</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>108</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>59</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>663</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-91%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation and amortization</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(167)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(208)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-20%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(187)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-11%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(536)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(640)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-16%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(233)</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(108)</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>116%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(79)</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>195%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(477)</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>23</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #7F7F7F">&sup1; Net of depreciation and amortization. &sup2; Starting in 3Q24, PTVI EBITDA is included in EBITDA from associates and JVs, reflecting VBM's ownership of 33.9% in PTVI. Historical figures were not restated. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10.5pt/115% Vale Sans,sans-serif; margin: 0 0 0 0.2pt; color: #3CB5E5"><B><BR>&nbsp;</B></P>

<P STYLE="font: 10.5pt/115% Vale Sans,sans-serif; margin: 0 0 0 0.2pt; color: #3CB5E5"><B>Adjusted EBITDA</B></P>

<P STYLE="font: 8pt/115% Vale Sans,sans-serif; margin: 0 0 0 0.2pt; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Sudbury<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">16</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">45</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-66%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">16</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-3%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">95</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">419</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-77%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Voisey&rsquo;s Bay &amp; Long Harbour</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(56)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(67)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-16%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(76)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-26%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(166)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(176)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Standalone Refineries<SUP>2</SUP></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(28)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">21</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-57%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">24</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">39</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-38%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">On&ccedil;a Puma</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">15</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">14%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(17)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(46)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">51</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">PTVI (historical)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">104</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-100%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">79</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-100%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">137</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">400</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-66%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Associates and JVs</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Others&sup3;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(70)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">31</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">85</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(3)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(70)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-96%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(66)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>100</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>108</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD>
    <TD STYLE="background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>59</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>663</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-91%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; 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. &sup3; Includes proportionate EBITDA from PTVI, starting from 3Q24. Historical figures include the consolidated results from PTVI. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #3CB5E5"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #3CB5E5"><B>Revenues</B></P>

<P STYLE="font: 9.5pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.3pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #198FBE"><B>Revenues
decreased by 12% y/y</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">mainly as a result of lower nickel
prices, partially offset by higher by-products revenues. The higher by-products revenues resulted primarily from higher copper sales and
prices.</FONT></P>

<P STYLE="font: 9.5pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.3pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #198FBE"><B>The
average realized nickel price was US$ 17,012/t, down 20% y/y</B></FONT><B><FONT STYLE="font-family: Vale Sans,sans-serif; color: #555555">,</FONT></B>
<FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">mainly due to 20% lower LME nickel average price. On a sequential
basis, the realized nickel price was down 9% mainly as a result of 12% lower LME prices. </FONT></P>

<P STYLE="font: 9.5pt/110% Vale Sans Light,sans-serif; margin: 0 0 6pt 0.3pt; text-align: justify; color: #555555">In 3Q24, the average
realized nickel price was 5% higher than the LME average, mainly due to the 74% share of Upper Class I products in the mix of North Atlantic,
with average US$ 1,080/t premiums.</P>

<P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 6pt 0 8pt; color: #3CB5E5"><B>Average realized nickel price 3Q24 &ndash; US$/t</B></P>

<P STYLE="font: 12pt/110% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><IMG SRC="image_018.jpg" ALT=""><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #3CB5E5; line-height: 110%"><B></B></FONT></P>


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<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: #3CB5E5; line-height: 115%"><B><BR STYLE="clear: both">
</B></FONT></P>

<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0; color: #3CB5E5"><B>Costs &amp; Expenses </B></P>

<P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0; color: #3CB5E5"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 0 0.2pt; color: #3CB5E5"><B>All-in costs (EBITDA breakeven)</B></P>

<P STYLE="font: 8pt/115% Vale Sans,sans-serif; margin: 0 0 0 0.2pt; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$/t</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">COGS ex. external feed</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">28,066</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23,039</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">22%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">20,755</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">35%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23,316</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">22,180</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">COGS&sup2;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23,019</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23,581</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">21,306</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">22,253</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23,061</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">By-product revenues&sup2;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(5,140)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(4,807)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(7,097)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-28%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(6,725)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(6,590)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">COGS after by-product revenues</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17,878</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18,774</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-5%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">14,210</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">26%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">15,528</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">16,471</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other expenses&sup3;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,208</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(81)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,109</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,203</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,194</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">EBITDA from associates &amp; JVs<SUP>4</SUP></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(442)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(167)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total Costs</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>18,644</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>18,693</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>0%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>15,319</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>22%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>16,564</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>17,665</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-6%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Nickel average aggregate (premium) discount</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(571)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(123)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">364%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(319)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">79%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(474)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(77)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">516%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>EBITDA breakeven<SUP>5</SUP></B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>18,073</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>18,570</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>15,000</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>20%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>16,090</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>17,588</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #7F7F7F">&sup1; Starting in 3Q24, COGS ex. external feed excludes 3<SUP>rd</SUP> party feed and PTVI offtake. Historical figures have not been adjusted.&nbsp;&nbsp;&sup2; Excluding marketing activities. <SUP>3</SUP> Includes R&amp;D, sales expenses and pre-operating &amp; stoppage. <SUP>4</SUP> Starting from 3Q24, it includes the proportionate results from PTVI (33.9% owned by VBM). <SUP>5</SUP>Considering only the cash effect of streaming transactions, nickel operations EBITDA break-even would increase to US$ </FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: gray">18,264/t in 3Q24.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.3pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #198FBE">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.3pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #198FBE"><B>All-in
costs decreased by 3% y/y,</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">primarily due to higher by-product
revenues, lower unit COGS and higher realized premiums. Sequentially, they were 22% higher, mainly due to the increase in unit costs.</FONT></P>

<P STYLE="font: 9.5pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.3pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #198FBE"><B>Unit
COGS, excluding external feed purchases, was 22% higher y/y,</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">mainly
reflecting the impact of the PTVI deconsolidation. Excluding the effect of PTVI deconsolidation, the unit COGS, excluding 3rd-party feed
purchases, was US$ 515/t lower y/y.</FONT></P>

<P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #3CB5E5"><B>Unit COGS, excluding external feed purchases 3Q24
vs. 3Q23 adjusted &ndash; US$/t</B></P>

<P STYLE="text-align: center; font: 12pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><IMG SRC="image_019.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #3CB5E5; line-height: 115%"><B></B></FONT></P>

<P STYLE="font: 6pt Vale Sans Light,sans-serif; margin: 0; color: #777777">&sup1; Reflects the cost of the PTVI offtake at the purchase
price and excludes the costs associated with volumes that were not entitled to Vale Base Metals.</P>

<P STYLE="font: 9.5pt/115% Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #555555">&nbsp;</P>

<P STYLE="font: 9.5pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.3pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #198FBE"><B>Unit
COGS was down 2% y/y</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">as a result of lower acquisition
costs for external feed in the refineries and Canadian operations, due to nickel prices, as well as because of the continued ramp-up of
Voisey&rsquo;s Bay. These effects were partially offset by the increase in maintenance costs in Sudbury. Unit costs also decreased at
On&ccedil;a Puma, driven by higher fixed costs dilution. Sequentially, unit costs increased by 8%, mainly reflecting the impact of the
PTVI deconsolidation. </FONT></P>

<P STYLE="font: 9.5pt/110% Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.3pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #198FBE"><B>Unit
by-product revenues were 7% higher y/y</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">, driven by higher
copper sales and prices. Q/q, they were 26% lower, mainly driven by lower copper sales, as mine and mill maintenance performed in the
quarter reduced copper concentrates availability for sale, as well as lower copper prices q/q.</FONT></P>

<P STYLE="font: 9.5pt/110% Vale Sans,sans-serif; margin: 0 0 6pt 0.3pt; text-align: justify; color: #3CB5E5"><B>Unit COGS, net of by-products,
by operation</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 43%; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$/t</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 7%; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Sudbury&sup1;,&sup2;</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">15,175</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18,723</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-19%</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">15,219</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">13,715</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">14,868</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Voisey&rsquo;s Bay &amp; Long Harbour&sup2;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">21,953</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">30,316</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-28%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">31,114</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-29%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">24,130</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">29,225</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-17%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Standalone refineries&sup2;<SUP>,</SUP>&sup3;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">16,876</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23,372</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-28%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">16,880</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17,687</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">22,342</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-21%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">On&ccedil;a Puma</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10,318</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11,543</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-11%</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">21,705</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-52%</FONT></TD>
    <TD STYLE="background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18,494</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11,813</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">57%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; 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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555"><BR>
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; color: #198FBE">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #198FBE"><B>Expenses were higher y/y </B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">as
3Q23 was positively affected by one off settlement of royalties.</FONT></P>


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<P STYLE="text-align: center; font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><IMG SRC="image_020.jpg" ALT=""></P>




<P STYLE="font: 8pt/115% Vale Sans Light,sans-serif; margin: 0 0 8pt; text-align: justify; color: gray"><BR>
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., Alian&ccedil;a Gera&ccedil;&atilde;o
de Energia S.A., Vale Holdings B.V, Vale Canada Limited, Vale International S.A., Vale Malaysia Minerals Sdn. Bhd. and Vale Oman Pelletizing
Company LLC.</P>

<P STYLE="font: 8pt/115% Vale Sans Light,sans-serif; margin: 0 0 8pt; text-align: justify; color: gray">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 &rdquo;anticipate,&rdquo; &rdquo;believe,&rdquo; &rdquo;could,&rdquo;
&rdquo;expect,&rdquo; &rdquo;should,&rdquo; &rdquo;plan,&rdquo; &rdquo;intend,&rdquo; &rdquo;estimate&rdquo; &ldquo;will&rdquo; and &rdquo;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="font: 8pt/115% Vale Sans Light,sans-serif; margin: 0 0 8pt; text-align: justify; color: gray">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>

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

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

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><IMG SRC="image_021.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 22pt/115% Vale Sans,sans-serif; margin: 0.25in 0 4pt; color: #007E7A"><B>Annex 1: Detailed Financial Information</B></P>

<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Simplified financial statements</B></P>

<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="white-space: nowrap; background-color: teal; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: white"><B>Income Statement</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="width: 51%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>US$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>9M24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>9M23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">Net operating revenue</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">9,553</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">10,623</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-10%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">9,920</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-4%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">27,932</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">28,730</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(6,281)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(6,309)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(6,349)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(17,997)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(17,198)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>3,272</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>4,314</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>-24%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>3,571</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>-8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>9,935</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>11,532</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>-14%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">Gross margin (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">34.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">40.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-6 p.p.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">36.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-2 p.p.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">35.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">40.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-4 p.p.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">Selling and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(139)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(150)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(137)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(416)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(407)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">Research and development expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(192)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(188)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(189)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(537)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(492)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">Pre-operating and operational stoppage</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(89)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(115)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-23%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(91)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(272)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(342)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-20%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">Other operational expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(321)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(511)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-37%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(289)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">11%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(860)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(1,118)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-23%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">Impairment reversal (impairment and disposals) of non-current assets, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">1,144</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(75)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">1,010</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">13%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">2,148</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(145)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>3,675</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>3,275</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>12%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>3,875</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>-5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>9,998</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>9,028</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>11%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">Financial income</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">129</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">100</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">29%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">78</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">65%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">316</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">327</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">Financial expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(373)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(362)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(365)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(1,077)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(1,079)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">Other financial items, net</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(130)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(123)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(965)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-87%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(1,302)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(320)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">307%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(574)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">94</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">112</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(338)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">44</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>2,727</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>2,984</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>-9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>2,735</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>7,597</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>8,000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>-5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">Current tax</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(320)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(278)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">15%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(638)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-50%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(1,692)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(900)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">88%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">Deferred tax</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(16)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">151</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">672</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">942</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(1,437)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>2,391</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>2,857</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>-16%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>2,769</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>-14%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>6,847</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>5,663</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>21%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(21)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(13)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">98</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>2,412</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>2,836</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>-15%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>2,769</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>-13%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>6,860</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>5,565</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>23%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>2,391</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>2,857</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>-16%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>2,769</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>-14%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>6,847</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>5,663</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>21%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">Net income (Loss) attributable to Vale's to noncontrolling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(21)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">(13)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">98</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>2,412</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>2,836</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>-15%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>2,769</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>-13%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>6,860</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>5,565</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>23%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">Earnings per share (attributable to the Company's shareholders - US$):</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">Basic and diluted earnings per share (attributable to the Company's shareholders - US$)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">0.56</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">0.66</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-15%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">0.65</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-14%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">1.60</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">1.27</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">26%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt/110% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Equity income (loss) by business segment </B></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: red">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>%</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>%</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>%</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; border-right: white 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>%</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>%</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Iron Ore Solutions</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">88</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">112</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">87</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">93</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">109</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">95</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-19%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">255</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">98</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">80</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">77</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">219%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Energy Transition Metals</FONT></TD>
    <TD STYLE="background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Others</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(14)</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(18)</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: white 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: white 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: white 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1)</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: white 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">24</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: white 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: white 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>79</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>100</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>94</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>100</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1%</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>115</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>100</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-19%</B></FONT></TD>
    <TD STYLE="background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>259</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>100</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>104</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>100</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>219%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #007E7A"><BR>
<BR>
</P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

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<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


<!-- Field: Page; Sequence: 20 -->
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<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 54%; background-color: teal; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: white"><B>Balance sheet</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #FFC000 1.5pt solid; background-color: teal">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; background-color: teal">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; background-color: teal">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; background-color: teal">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; background-color: teal">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>US$ million</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>9/30/24</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>9/30/23</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>6/30/24</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Assets</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Current assets</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>13,800</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>14,673</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-6%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>14,829</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-7%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4,596</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,967</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">16%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6,479</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-29%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Short term investments</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">53</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">60</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-12%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">61</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-13%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Accounts receivable</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,001</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,348</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-10%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,332</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">29%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other financial assets</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">223</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">426</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-48%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">168</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">33%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Inventories</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4,946</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5,114</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-3%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4,793</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Recoverable taxes</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">714</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,355</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-47%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">659</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Judicial deposits</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">267</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">403</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-34%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">337</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-21%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Non-current assets held for sale</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>13,378</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>14,060</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-5%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>13,294</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Judicial deposits</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">606</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,296</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-53%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">585</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other financial assets</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">155</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">586</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-74%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">160</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Recoverable taxes</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,385</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,264</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,329</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Deferred income taxes</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,875</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,682</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,931</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,357</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,232</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,289</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Fixed assets</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>61,708</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>60,256</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>58,492</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total assets</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>88,886</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>88,989</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>0%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>86,615</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>15,174</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>13,644</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>11%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>13,743</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>10%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Suppliers and contractors</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5,353</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5,582</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-4%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4,769</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">12%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Loans, borrowings and leases</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">842</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">779</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">910</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Leases</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">157</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">197</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-20%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">177</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other financial liabilities</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,550</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,538</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,467</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Taxes payable</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,257</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">630</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">100%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,242</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">396</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">407</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-3%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">383</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Provisions for litigation</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">117</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">119</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">115</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Employee benefits</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">887</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">824</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">724</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,322</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">899</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">158%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,605</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">45%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">978</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,324</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-26%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">974</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">937</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">845</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11%</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">956</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">378</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">500</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-24%</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">421</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-10%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Liabilities associated with non-current assets held for sale</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>34,000</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>35,858</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-5%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>34,485</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-1%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Loans, borrowings and leases</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">12,578</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11,777</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">12,860</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Leases</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">608</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,283</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-53%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,183</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-49%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Participative shareholders' debentures</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,406</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,405</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,451</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other financial liabilities</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,654</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,583</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,656</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Settlement program (REFIS)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,229</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,744</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-30%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,284</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Deferred income taxes</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">966</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,343</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-28%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">806</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">20%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Provisions for litigation</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">814</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,341</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-39%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">765</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Employee benefits</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,284</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,231</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,221</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,352</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,320</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,102</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">12%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,412</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,873</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-25%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,438</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Decharacterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5,511</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6,111</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-10%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5,484</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Streaming transactions</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,945</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,621</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">20%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,948</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Others</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">241</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">226</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">287</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-16%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>49,174</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>49,502</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-1%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>48,228</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Shareholders' equity</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>39,712</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>39,487</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>38,387</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total liabilities and shareholders' equity</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>88,886</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>88,989</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>0%</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>86,615</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #FFC000">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="white-space: nowrap; background-color: teal; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: white"><B>Cash flow</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>US$ million</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q24</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q23</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Cash flow from operations</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,757</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4,128</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-33%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,353</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>17%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Interest on loans and borrowings paid</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(247)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(174)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">42%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(211)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cash received on settlement of Derivatives, net</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(30)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">70</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">81</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Payments related to Brumadinho</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(188)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(292)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-36%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(265)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-29%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Payments related to decharacterization of dams</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(154)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(146)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(132)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Interest on participative shareholders debentures paid</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(149)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-100%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Income taxes (including settlement program) paid</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(471)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(720)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-35%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(466)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net cash generated by operating activities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,667</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,866</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-42%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,211</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>38%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Cash flow from investing activities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Short-term investment</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">67</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">68</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-1%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">28</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">139%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Capital expenditures</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,398)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,464)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-5%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,328)</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Payments related to Samarco dam failure</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(113)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(317)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-64%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(105)</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Dividends received from joint ventures and associates</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">12</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">39</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-69%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cash received (paid) from disposal and acquisition of investments, net</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">107</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,610</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-96%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other investment activities, net</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">14</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(4)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-25%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net cash used in investing activities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(1,328)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(1,699)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-22%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,240</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Cash flow from financing activities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Loans and financing:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Loans and borrowings from third parties</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">962</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">150</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">541%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,090</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-12%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Payments of loans and borrowings from third parties</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,584)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(13)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">12085%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(530)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">199%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Payments of leasing</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(48)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(47)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(44)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Payments to shareholders:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Dividends and interest on capital paid to Vale's shareholders</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,586)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,678)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">Share buyback program</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(20)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(546)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-96%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(114)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-82%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net cash used in financing activities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(2,276)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(2,134)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>7%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>402</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net increase (decrease) in cash and cash equivalents</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(1,937)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(967)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>100%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,853</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cash and cash equivalents in the beginning of the period</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6,479</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4,983</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">30%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,790</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">71%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(21)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(49)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-57%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(164)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-87%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cash and cash equivalents from subsidiaries acquired and sold, net</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">75</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Cash and cash equivalents at the end of period</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4,596</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,967</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>16%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>6,479</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-29%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Non-cash transactions:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Additions to property, plant and equipment - capitalized loans and borrowing costs</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">5</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">120%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">8</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">38%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Cash flow from operating activities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Income before income taxes</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,727</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,984</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-9%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,735</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>0%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted for:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Review of estimates related to Brumadinho</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">48</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">184</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(14)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Review of estimates for decharacterization of dams</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(70)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-100%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">574</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(94)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(112)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Impairment and gains (losses) on disposal of non-current assets, net</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,144)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">75</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,010)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">13%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation, depletion and amortization</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">748</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">780</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-4%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">793</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Financial results, net</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">374</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">385</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-3%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,252</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-70%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Change in assets and liabilities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Accounts receivable</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(672)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(410)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">64%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(167)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">302%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Inventories</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(145)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(97)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">49%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">165</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Suppliers and contractors</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">471</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">480</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(528)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other assets and liabilities, net</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(224)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(159)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">41%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(691)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-68%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Cash flow from operations</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,757</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4,128</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-33%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,353</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>17%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 53%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 14pt Vale Sans,sans-serif; margin: 0.25in 0 0; color: #007E7A"><B>Reconciliation of IFRS and &ldquo;non-GAAP&rdquo; information</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007A7E"><B>(a) Adjusted EBIT</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 59%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>US$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Net operating revenues</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,553</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10,623</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-10%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,920</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">COGS</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(6,281)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(6,309)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(6,349)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Sales and administrative expenses</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(139)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(150)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-7%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(137)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Research and development expenses</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(192)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(188)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(189)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pre-operating and stoppage expenses</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(89)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(115)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-23%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(91)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Brumadinho event and dam decharacterization of dams</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(126)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(305)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-59%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other operational expenses, net</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #7F7F7F"><SUP>1</SUP></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(101)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(159)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-36%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(208)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-51%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">EBITDA from associates and JVs</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">242</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">254</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-5%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">253</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,867</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,651</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-21%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,200</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-10%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: gray">&sup1; Includes adjustment of US$ 94 million in 3Q24, US$ 83 million in 2Q24 and US$ 47 million in 3Q23 to reflect the performance of the streaming transactions at market price.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007A7E"><B></B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007A7E"><B>(b) Adjusted EBITDA</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 9pt Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #7F7F7F">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
    EBITDA 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="font: 9pt Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #7F7F7F">The definition of Adjusted EBIT is Adjusted
    EBITDA plus depreciation, depletion and amortization.</P></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007A7E"><B>Reconciliation between adjusted EBITDA and operational cash flow</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>US$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,615</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4,431</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-18%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,993</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-9%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Working capital:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Accounts receivable</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(672)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(410)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">64%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(167)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">302%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Inventories</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(145)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(97)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">49%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">165</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Suppliers and contractors</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">471</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">480</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(528)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Review of estimates related to Brumadinho</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">48</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">184</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-74%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(14)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Review of estimates related to decharacterization of dams</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(70)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(560)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(460)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">22%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,026)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-45%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Cash flow</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,757</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4,128</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-33%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,353</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>17%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Income taxes paid (including settlement program)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(471)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(720)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-35%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(466)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Interest on loans and borrowings paid</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(247)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(174)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">42%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(211)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Payments related to Brumadinho event</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(188)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(292)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-36%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(265)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-29%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Payments related to decharacterization of dams</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(154)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(146)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(132)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Interest on participative shareholders' debentures paid</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(149)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;Cash received on settlement of Derivatives, net</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(30)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">70</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">81</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net cash generated by operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,667</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,866</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-42%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,211</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>38%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007A7E"><B>Reconciliation between adjusted EBITDA and net income (loss)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>US$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,615</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4,431</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-18%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,993</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-9%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(748)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(780)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-4%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(793)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">EBITDA from associates and joint ventures</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(242)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(254)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-5%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(253)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Impairment reversal (impairment) and results on disposals of non-current assets,net&sup1;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,050</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(122)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">928</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">13%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,675</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,275</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>12%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,875</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Financial results</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(374)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(385)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-3%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1,252)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-70%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(574)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">94</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">112</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-613%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Income taxes</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(336)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(127)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">165%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,391</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,857</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-16%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,769</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-14%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(21)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net income attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,412</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,836</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-15%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,769</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-13%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: gray">&sup1; Includes adjustment of US$ 94 million in 3Q24, US$ 83 million in 2Q24 and US$ 47 million in 3Q23, to reflect the performance of the streaming transactions at market price.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: #007A7E"><B>(c) Net debt</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>US$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Gross debt </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">13,420</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">12,556</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">13,770</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Leases</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">765</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,480</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-48%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,360</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-44%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(4,649)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(4,027)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">15%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(6,540)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-29%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>9,536</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>10,009</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>8,590</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>11%</B></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: #007A7E"><B>(d) Gross debt / LTM Adjusted EBITDA</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 59%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>US$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Gross debt and leases&nbsp;&nbsp;/ LTM Adjusted EBITDA (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-11%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Gross debt and leases / LTM operational cash flow&nbsp;&nbsp;(x)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: #007A7E"><B>(e) LTM Adjusted EBITDA / LTM interest payments</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>US$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Adjusted LTM EBITDA / LTM gross interest (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">22.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">LTM adjusted EBITDA / LTM interest payments (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">21.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">26.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-12%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: #007A7E"><B>(f) US dollar exchange rates</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>R$/US$</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Average</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5.5454</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4.8803</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5.2129</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">End of period</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5.4481</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5.0076</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5.5589</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B>&nbsp;</B></P>


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

<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Vale Sans,sans-serif; margin: 0; color: #007E7A"><FONT STYLE="letter-spacing: -0.1pt"><B>Revenues and volumes</B></FONT></P>

<P STYLE="font: 14pt Vale Sans,sans-serif; margin: 0; color: #007E7A"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt Vale Sans,sans-serif; margin: 0; color: #D2A000"><FONT STYLE="letter-spacing: -0.1pt"><B>Net operating revenue by
business area<BR>
<BR>
</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 23%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>US$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>9M24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>9M23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>7,970</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>83%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>8,862</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>83%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>-10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>8,298</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>84%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>-4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>23,293</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>83%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>23,049</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>80%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>1%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fines</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">6,281</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">66%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">7,331</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">69%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">6,729</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">68%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">18,302</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">66%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">18,548</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">65%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROM</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">33</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">33</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">27</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">22%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">87</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">94</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">1,502</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">16%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">1,388</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">13%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">1,394</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">4,481</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">16%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">4,123</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">154</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">110</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">40%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">148</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">423</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">284</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">49%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>1,583</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>17%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>1,718</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>16%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>-8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>1,622</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>16%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>-2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>4,639</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>17%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>5,588</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>19%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>-17%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">692</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">833</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-17%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">639</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">1,889</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">2,777</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-32%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copper</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">680</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">567</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">20%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">699</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">1,966</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">1,665</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">18%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGMs</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">44</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">54</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-19%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">38</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">16%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">150</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">214</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-30%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold as by-product&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">144</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">147</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">155</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">437</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">376</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">16%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver as by-product</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">63%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">35</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">17%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-43%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">300%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">57</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-65%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others&sup2;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">95</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-98%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">77</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-97%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">142</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">469</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-70%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>Others</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>42</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>-100%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>93</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>-100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>Total </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>9,553</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>100%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>10,623</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>100%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>-10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>9,920</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>100%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>-4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>27,932</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>100%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>28,730</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>100%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #828282"><B>-3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="15" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181">&sup1; Exclude the adjustment of US$ 94 million in 3Q24, US$ 83 million in 2Q24, US$ 243 million in 9M24, US$ 47 million in 3Q23 and US$ 134 million in 9M23, related to the performance of streaming transactions at market price. &sup2; Includes marketing activities.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0; color: #D2A000"><FONT STYLE="letter-spacing: -0.1pt"><B><BR>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0; color: #D2A000"><FONT STYLE="letter-spacing: -0.1pt"><B>Net operating revenue by destination</B></FONT></P>

<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0; color: #D2A000"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 20%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>US$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-top: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>9M24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>9M23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 5%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>North America</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>347</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>3.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>398</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;3.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>-13%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>435</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;4.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>-20%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>1,209</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>4.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>1,605</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;5.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>-25%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;USA</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">291</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">3.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">323</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;3.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">-10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">254</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;2.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">15%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">788</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">2.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">1,265</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;4.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">-38%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Canada</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">56</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">0.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">75</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;0.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">-25%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">181</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;1.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">-69%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">421</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">1.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">340</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;1.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">24%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>South America</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>1,010</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>10.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>1,018</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;9.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>-1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>974</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;9.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>3,112</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>11.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>3,183</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;11.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>-2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">897</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">9.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">915</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;8.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">-2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">868</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;8.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">2,771</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">9.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">2,828</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;9.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">-2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">113</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">1.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">103</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;1.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">106</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;1.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">341</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">1.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">355</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;1.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">-4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>Asia</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>6,422</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>67.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>7,603</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;71.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>-16%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>6,858</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;69.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>-6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>18,449</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>66.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>18,607</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;64.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>-1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;China</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">4,770</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">49.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">5,860</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;55.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">-19%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">4,994</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;50.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">-4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">13,438</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">48.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">13,905</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;48.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">-3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Japan</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">732</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">7.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">843</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;7.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">-13%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">927</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;9.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">-21%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">2,341</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">8.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">2,356</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;8.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">-1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;South Korea</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">335</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">3.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">289</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;2.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">16%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">282</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;2.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">19%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">823</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">2.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">975</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;3.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">-16%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">585</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">6.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">611</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;5.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">-4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">655</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;6.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">-11%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">1,847</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">6.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">1,371</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;4.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">35%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>Europe</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>1,142</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>12.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>956</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;9.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>19%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>1,079</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;10.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>3,230</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>11.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>3,746</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;13.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>-14%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Germany</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">413</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">4.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">261</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;2.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">58%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">286</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;2.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">44%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">1,025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">3.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">983</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;3.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Italy</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">83</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">0.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">48</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;0.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">73%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;0.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">144%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">136</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">0.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">413</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;1.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">-67%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">646</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">6.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">647</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;6.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">759</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;7.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">-15%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">2,069</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">7.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">2,350</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">&nbsp;8.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #818181">-12%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>Middle East</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>281</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>2.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>271</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;2.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>251</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;2.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>12%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>798</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>2.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>671</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;2.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>19%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>Rest of the World</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>351</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>3.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>377</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;3.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>-7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>323</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;3.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>1,134</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>4.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>918</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;3.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>24%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>9,553</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>100.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>10,623</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;100.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>-10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>9,920</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;100.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>-4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>27,932</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>100.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>28,730</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&nbsp;100.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>-3%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt/115% Vale Sans,sans-serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 6pt/115% Vale Sans,sans-serif; margin: 0 0 8pt">&nbsp;</P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 12pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center; vertical-align: middle"><P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0pt 0 0; color: #555555"><B>- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --> -</B></P></TD><TD STYLE="text-align: right">&nbsp;<IMG SRC="image_002.jpg" ALT=""></TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B>Operating Expenses</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="width: 36%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>SG&amp;A</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>139</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>150</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-7%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>137</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>416</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>407</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2%</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">&nbsp;&nbsp;Administrative</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">116</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">124</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">116</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">351</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">342</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">3%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">40</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">52</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-23%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">42</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-5%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">138</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">149</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-7%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">35</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">32</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">41</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-15%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">107</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">90</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">19%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">12</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">44%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">33</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">37</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-11%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">28</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">17%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">73</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">66</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">11%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">&nbsp;&nbsp;Selling </FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">26</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-12%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">21</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">10%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">65</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">65</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">0%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>R&amp;D</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>192</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>188</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>189</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>537</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>492</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>9%</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Pre-operating and stoppage expenses</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>89</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>115</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-23%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>91</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-2%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>272</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>342</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-20%</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Expenses related to Brumadinho and decharacterization of dams</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>126</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>305</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-59%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(1)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>166</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>687</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-76%</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Other operating expenses</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>195</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>206</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-5%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>290</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-33%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>694</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>431</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>61%</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total operating expenses</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>741</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>964</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-23%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>706</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>5%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,085</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,359</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-12%</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">Depreciation</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">36</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">34</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">20%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">102</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">115</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #828282">-11%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Operating expenses, ex-depreciation</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>705</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>930</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-24%</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>676</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4%</B></FONT></TD>
    <TD STYLE="background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,983</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,244</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-12%</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 1pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #B8870F"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B>Financial results</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="width: 39%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Financial expenses, of which:</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(373)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(362)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(365)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(1,077)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(1,079)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>0%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Gross interest</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(208)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(192)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(211)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-1%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(590)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(557)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Capitalization of interest</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">120%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">38%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">24</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">15</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">60%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(155)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(137)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">13%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(139)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">12%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(439)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(423)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Financial expenses (REFIS)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(21)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(38)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-45%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(23)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-9%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(72)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(114)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-37%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Financial income</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>129</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>100</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>29%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>78</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>65%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>316</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>327</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Shareholder Debentures</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>92</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>30</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>207%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(241)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD>
    <TD STYLE="background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>15</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>304</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-95%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Derivatives&sup1;</B></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>64</B></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(51)</B></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(471)</B></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(405)</B></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>704</B></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Currency and interest rate swaps</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">69</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(92)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(455)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-115%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(400)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">682</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Others (commodities, etc)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(5)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">41</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(16)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-69%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(5)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">22</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Foreign exchange </B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>206</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-98%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>53</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-92%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>29</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(247)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>CTA</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Monetary variation</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(290)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(308)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-6%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(306)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-5%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(941)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(1,081)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-13%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Foreign exchange and monetary variation</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(286)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(102)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>180%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(253)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>13%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(912)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(1,328)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-31%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Financial result, net</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(374)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(385)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-3%</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(1,252)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-70%</B></FONT></TD>
    <TD STYLE="background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(2,063)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(1,072)</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>92%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: gray">&sup1; The cash effect of the derivatives was a lost of US$ 30 million in 3Q24.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A">&nbsp;</P>

<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B><BR>
Sustaining Investments by type</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="10" STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 39%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>Iron Ore </B></P>
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>Solutions</B></P></TD>
    <TD STYLE="width: 15%; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #A6A6A6 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Energy and others</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Enhancement of operations</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">353</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">172</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">2</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">527</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Replacement projects</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">11</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">99</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">109</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Filtration and dry stacking projects</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">45</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">45</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Dam management</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">35</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">8</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">44</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other investments in dams and waste dumps</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">38</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">14</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">53</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; border-left: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Health and safety</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">66</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">21</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">1</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">88</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Social investments and environmental protection</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">78</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">4</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">82</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Administrative &amp; others</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">50</FONT></TD>
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">8</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">14</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #A6A6A6 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">73</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>677</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>327</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>18</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>1022</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 26 -->
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    <!-- Field: /Page -->

<P STYLE="font: 22pt/115% Vale Sans,sans-serif; margin: 0.25in 0 4pt; color: #007E7A"><B>Annex 2: Segment information</B></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #B8870F"><B>Segment results 3Q24</B></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #B8870F"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>US$ million</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Net operating revenues</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Cost&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>SG&amp;A and others&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>R&amp;D&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Pre operating &amp; stoppage&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Associates and JVs EBITDA</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Adjusted EBITDA</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;7,970 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(4,255)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(45)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(87)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(63)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;211 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;3,731 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Fines</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;6,281 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(3,371)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(15)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(76)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(58)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;83 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;2,844 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;1,502 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(747)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;43 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;790 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Other ferrous</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;187 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(137)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(28)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(8)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;85 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;97 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;1,583 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(1,313)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;30 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(74)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(1)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;23 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;248 </B></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;&nbsp;&nbsp;Nickel&sup2;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;904 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(936)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(17)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(34)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(1)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;18 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(66)</B></FONT></TD></TR>
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    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Sudbury</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;507 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(469)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(20)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;16 </FONT></TD></TR>
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    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Voisey&rsquo;s Bay &amp; Long Harbour</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;184 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(228)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(12)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(56)</FONT></TD></TR>
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    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Standalone Refineries</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;246 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(237)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;9 </FONT></TD></TR>
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    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">On&ccedil;a Puma</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;76 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(55)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(0)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;17 </FONT></TD></TR>
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    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Other&sup3;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(109)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;52 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(12)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;18 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(52)</FONT></TD></TR>
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    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;&nbsp;&nbsp;Copper<SUP>4</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;759 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(366)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(3)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(30)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;360 </B></FONT></TD></TR>
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    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Salobo </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;574 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(262)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;311 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Sossego</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;206 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(104)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;98 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Other</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(21)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(27)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(49)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;&nbsp;&nbsp;Others<SUP>5</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(80)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(11)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;50 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(10)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;5 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(46)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Brumadinho and decharacterization of dams</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(126)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(126)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Others<SUP>6</SUP></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(211)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(32)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;8 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(238)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;9,553 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(5,568)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(353)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(192)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(67)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;242 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;3,615 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="15" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #7F7F7F">&sup1; Excluding depreciation, depletion and amortization. &sup2; Including copper and by-products from our nickel operations. &sup3; Starting in 3Q24, PTVI's EBITDA is included in &quot;Associates and JVs&quot; in &quot;Other&quot;. <SUP>4</SUP> Including by-products from our copper operations. <SUP>5 </SUP>Includes an adjustment of US$ 94 million increasing the adjusted EBITDA in 3Q24, 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>6</SUP>&nbsp;&nbsp;Includes US$ 20 million in unallocated expenses from Vale Base Metals Ltd (&quot;VBM&quot;) in 3Q24. Considering the unallocated expenses, VBM&rsquo;s EBITDA was US$ 228 million in 3Q24.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="15" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #B8870F"><B>Segment results 3Q23</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="15" STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>US$ million</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Net operating revenues</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Cost&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>SG&amp;A and others&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>R&amp;D&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Pre operating &amp; stoppage&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Associates and JVs EBITDA</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Adjusted EBITDA</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;8,862 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(4,164)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(79)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(75)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(89)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;241 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;4,696 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Fines</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;7,331 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(3,408)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(79)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(70)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(78)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;103 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;3,799 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;1,388 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(669)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(6)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;39 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;751 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Other ferrous</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;143 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(87)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(4)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(5)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;99 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;146 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;1,718 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(1,338)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;75 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(75)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(1)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;6 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;385 </B></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;&nbsp;&nbsp;Nickel&sup2;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;1,023 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(925)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;31 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(28)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(1)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;100 </B></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Sudbury</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;539 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(471)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(7)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(16)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;45 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Voisey&rsquo;s Bay &amp; Long Harbour</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;199 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(271)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;11 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(6)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(67)</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Standalone Refineries</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;247 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(275)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(28)</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">On&ccedil;a Puma</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;78 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(58)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(4)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;15 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">PTVI (historical)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;279 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(171)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;104 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Other</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(319)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;321 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;32 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;31 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;&nbsp;&nbsp;Copper<SUP>3</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;660 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(341)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(3)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(47)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;269 </B></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Salobo </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;513 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(258)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;251 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Sossego</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;148 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(83)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(5)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;59 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Other</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(39)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(41)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;&nbsp;&nbsp;Others</B><SUP>4</SUP></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;35 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(72)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;47 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;6 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;16 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Brumadinho and decharacterization of dams</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(305)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(305)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Others</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;42 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(60)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(296)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(38)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;7 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(345)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;10,623 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(5,562)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(606)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(188)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(90)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;254 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;4,431 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="15" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; 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$ 47 million increasing the adjusted EBITDA in 3Q23, 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>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="15" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #B8870F"><B>Segment information 2Q24</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="15" STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>US$ million</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Net operating revenues</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Cost&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>SG&amp;A and others&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>R&amp;D&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Pre operating &amp; stoppage&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Associates and JVs EBITDA</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Adjusted EBITDA</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;8,298 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(4,415)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(81)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(94)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(67)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;246 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;3,887 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Fines</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;6,729 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(3,556)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(56)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(82)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(53)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;89 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;3,071 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;1,394 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(705)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;38 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;724 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Other ferrous</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;175 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(154)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(25)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(11)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(12)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;119 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;92 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;1,622 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(1,171)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;22 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(70)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(3)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;7 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;407 </B></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;&nbsp;&nbsp;Nickel&sup2;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;879 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(731)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(6)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(31)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(3)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;108 </B></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Sudbury</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;426 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(390)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(19)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;16 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Voisey&rsquo;s Bay &amp; Long Harbour</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;136 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(204)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(7)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(76)</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Standalone Refineries</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;243 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(222)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;21 </FONT></TD></TR>
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    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">On&ccedil;a Puma</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;18 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(27)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(5)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(17)</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">PTVI (historical)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;249 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(168)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;79 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Other</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(193)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;280 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;1 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;85 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;&nbsp;&nbsp;Copper<SUP>3</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;779 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(391)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(8)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(29)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;351 </B></FONT></TD></TR>
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    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Salobo </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;614 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(301)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(5)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;306 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Sossego</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;136 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(90)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;1 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;44 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Other</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;29 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(4)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(24)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;1 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;&nbsp;&nbsp;Others</B><SUP>4</SUP></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(36)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(49)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;36 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(10)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;7 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(52)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Brumadinho and decharacterization of dams</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;1 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;1 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Others<SUP>5</SUP></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(277)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(25)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(302)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;9,920 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(5,586)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(335)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(189)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(70)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;253 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;3,993 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="15" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; 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>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="15" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #B8870F"><B>Segment information 9M24</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="15" STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>US$ million</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Net operating revenues</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Cost&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>SG&amp;A and others&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>R&amp;D&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Pre operating &amp; stoppage&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Associates and JVs EBITDA</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Adjusted EBITDA</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;23,293 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(12,222)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(190)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(264)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(194)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;654 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;11,077 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Fines</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;18,302 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(9,630)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(120)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(228)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(162)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;260 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;8,422 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;4,481 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(2,191)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;4 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(5)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(10)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;117 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;2,396 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Other ferrous</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;510 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(401)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(74)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(31)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(22)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;277 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;259 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;4,639 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(3,621)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;59 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(195)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(5)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;36 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;912 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;&nbsp;&nbsp;Nickel&sup2;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;2,619 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(2,441)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(46)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(86)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(5)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;18 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;59 </B></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Sudbury</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;1,410 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1,256)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(8)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(51)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;95 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Voisey&rsquo;s Bay &amp; Long Harbour</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;466 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(604)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(5)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(23)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(166)</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Standalone Refineries</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;717 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(693)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;24 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">On&ccedil;a Puma</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;94 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(122)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(12)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(5)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(46)</FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">PTVI (historical)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;479 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(338)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;137 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Other</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(547)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;574 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(22)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(7)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;18 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;15 </FONT></TD></TR>
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    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;&nbsp;&nbsp;Copper<SUP>3</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;2,178 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(1,086)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(14)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(82)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;995 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Salobo </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;1,691 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(801)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(8)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(4)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;878 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Sossego</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;454 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(285)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(9)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;159 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Other</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;32 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(5)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(69)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(42)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;&nbsp;&nbsp;Others</B><SUP>4</SUP></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(158)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(95)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;120 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(27)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;18 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(142)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Brumadinho and decharacterization of dams</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(166)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(166)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Others</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #747678"><B><SUP>5</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(703)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(78)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(4)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;8 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(777)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;27,932 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(15,844)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(1,000)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(537)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(203)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;698 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;11,046 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="15" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; 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$ 243 million increasing the adjusted EBITDA in 9M24, 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$ 66 million in unallocated expenses from Vale Base Metals Ltd (&quot;VBM&quot;) in 9M24. Considering the unallocated expenses, VBM&rsquo;s EBITDA was US$ 846 million in 9M24.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="15" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #B8870F"><B>Segment information 9M23</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="15" STYLE="padding-right: 2pt; padding-left: 2pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>US$ million</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Net operating revenues</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Cost&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>SG&amp;A and others&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>R&amp;D&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Pre operating &amp; stoppage&sup1;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Associates and JVs EBITDA</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #007E7A; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Adjusted EBITDA</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;23,049 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(10,883)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(101)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(179)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(258)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;608 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;12,236 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Fines</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;18,548 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(8,653)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(82)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(166)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(226)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;249 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;9,670 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;4,123 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1,991)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(6)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(15)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;91 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;2,200 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Other ferrous</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;378 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(239)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(13)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(11)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(17)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;268 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;366 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;5,588 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(4,084)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;116 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(187)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(5)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;6 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;1,434 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;&nbsp;&nbsp;Nickel&sup2;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;3,566 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(2,760)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(58)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(84)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(1)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: red"><B>&nbsp;</B></FONT><B><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678">663</FONT></B></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Sudbury</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;1,967 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1,483)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(15)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(50)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;419 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Voisey&rsquo;s Bay &amp; Long Harbour</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;551 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(668)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(43)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(16)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(176)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Standalone Refineries</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;802 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(763)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;39 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">On&ccedil;a Puma</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;238 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(177)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(9)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;51 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">PTVI (historical)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;938 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(526)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(10)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;400 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Other</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(930)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;857 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;11 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(7)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1) </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(70)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;&nbsp;&nbsp;Copper<SUP>3</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;1,722 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(930)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;40 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(103)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(4)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;725 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Salobo </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;1,316 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(678)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;27 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(6)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(4)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;655 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Sossego</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;407 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(251)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(7)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(21)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;128 </FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-left: 47pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Other</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;19 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(76)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;- </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(57)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;&nbsp;&nbsp;Others</B><SUP>4</SUP></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;300 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(394)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;134 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;6 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>46</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Brumadinho and decharacterization of dams</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(687)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;- </B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(687)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Others</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;93 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(135)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(678)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(126)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;7 </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: silver 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;(840)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;28,730 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(15,101)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(1,352)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(492)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;(263)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;621 </B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;12,143 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="15" STYLE="padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 6pt Vale Sans Light,sans-serif; margin: 0; text-align: justify; 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$ 134 million increasing the adjusted EBITDA in 9M23, to reflect the performance of the streaming
    transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the
    adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027.</P>
    <P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
  </TABLE>

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    <!-- Field: /Page -->

<P STYLE="font: 22pt Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Annex 3: Additional information by business segment</B></P>

<P STYLE="font: 9pt/110% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Iron Ore Solutions: Financial results detailed<BR>
<BR>
</B></P>

<P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #0ABB98"><B>Volumes, prices, premium and revenues breakdown</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 37%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: -2.05pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>% total</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>% total</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>% total</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>% total</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: -5.95pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>% total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>Volume sold ('000 metric tons)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: -2.05pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>Fines&sup1;</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: -2.05pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>69,344</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>85%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>69,714</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>87%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>68,512</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>86%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>190,402</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>84%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: -5.95pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>178,904</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>85%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">IOCJ</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: -2.05pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">11,709</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">14%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">14,758</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">18%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">13,180</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">17%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">34,290</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">15%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: -5.95pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">39,599</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">19%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">BRBF</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: -2.05pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">34,797</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">43%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">36,454</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">45%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">30,528</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">38%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">91,018</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">40%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: -5.95pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">89,134</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">42%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pellet feed - China (PFC1)</FONT><FONT STYLE="font-family: Aptos Narrow,sans-serif; font-size: 9pt; color: #747678">&sup2;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: -2.05pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">3,328</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">4%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">4,234</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">5%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">3,337</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">4%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">9,201</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">4%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: -5.95pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">10,056</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Lump</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: -2.05pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">1,971</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">2%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">2,367</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">3%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">1,782</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">2%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">5,562</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">2%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: -5.95pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">5,626</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">High-silica products</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: -2.05pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">8,050</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">10%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">6,131</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">8%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">11.372</FONT><FONT STYLE="font-family: Aptos Narrow,sans-serif; font-size: 9pt; color: #7F7F7F">&#8308;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">14%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">26.584&#8308;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">12%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: -5.95pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">18,090</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other fines (60-62% Fe)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: -2.05pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">9,489</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">12%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">5,770</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">7%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">8.313&#8308;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">10%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">8.256&#8308;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">4%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: -5.95pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">16,399</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>Pellets</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: -2.05pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>10,143</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>12%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>8,613</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>11%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>8,864</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>11%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>28,232</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>13%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: -5.95pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>25,556</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>12%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>ROM</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: -2.05pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>2,351</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>3%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>2,232</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>3%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>2,416</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>3%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>6,822</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>3%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: -5.95pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>6,132</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>Total - Iron ore sales</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: -2.05pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>81,838</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>100%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>80,559</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>100%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>79,792</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>100%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>225,456</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>100%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: -5.95pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>210,591</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">Share of premium products&sup3; (%)</FONT></TD>
    <TD STYLE="border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: -2.05pt">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">73%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">81%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">70%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">72%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">78%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 42%; border-right: #FFC000 1.5pt solid; padding-left: 9pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>Average prices (US$/t)</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&nbsp;&nbsp;&nbsp;Iron ore - 62% Fe price index</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">99.7</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">114.0</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-13%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">111.8</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-11%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">111.5</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">116.9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Iron ore - 62% Fe low alumina index</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">100.6</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">116.1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-13%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">112.6</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-11%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">112.2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">119.2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Iron ore - 65% Fe index</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">114.1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">125.5</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-9%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">126.1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-10%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">125.1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">130.0</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Provisional price at the end of the quarter</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">108.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">117.0</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">106.5</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">2%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">108.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">117.0</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Iron ore fines Vale's CFR reference (dmt)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">101.2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">116.3</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-13%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">110.2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-8%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">107.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">115.7</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Iron ore fines realized price, CFR/FOB (wmt)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">90.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">105.1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">98.2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-8%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">96.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">103.7</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Iron ore pellets realized price, CFR/FOB (wmt)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">148.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">161.2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">157.2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-6%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">158.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">161.3</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>Iron ore fines and pellets quality premium (US$/t)</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Iron ore fines quality and premiums</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1.9)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(3.3)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-41%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(2.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Pellets business' weighted average contribution</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">3.6</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">3.4</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">7%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3.1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">15%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">3.6</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">3.2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&nbsp;&nbsp;&nbsp;All-in premium - Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1.7</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4.1</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>-59%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(0.1)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>n.a.</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>1.3</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3.4</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>-62%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>Net operating revenue by product (US$ million)</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Fines</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">6,281</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">7,331</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6,729</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-7%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">18,302</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">18,548</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;ROM</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">33</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">33</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">0%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">27</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">22%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">87</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">94</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">-7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">1,502</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">1,388</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">8%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,394</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">8%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">4,481</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">4,123</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">154</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">110</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">40%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">148</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">4%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">423</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">284</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">49%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;&nbsp;Total</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>7,970</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>8,862</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>-10%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>8,298</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>-4%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>23,293</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>23,049</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: gray"><SUP>1</SUP> Including third-party purchases. <SUP>2</SUP> Products concentrated in Chinese facilities. <SUP>3 </SUP>Brazilian Blend Fines (BRBF), Caraj&aacute;s (IOCJ), pellets and pellet feed. <SUP>4</SUP> Restated from historical figures. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #0ABB98"><B><BR>
<BR>
</B></P>


<!-- Field: Page; Sequence: 30 -->
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    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #0ABB98"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #0ABB98"><B>Volume sold by destination &ndash; Fines, pellets
and ROM</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 35%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&lsquo;000 metric tons</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Americas</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>10,317</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>9,829</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>9,965</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>30,067</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>30,764</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-2%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,410</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,339</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,977</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">27,149</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">27,600</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">907</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">490</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">85%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">988</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,918</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,164</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Asia</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>64,179</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>64,801</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>62,357</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>173,408</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>159,477</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>9%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;China</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">50,290</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">52,139</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">49,422</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">136,021</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">125,342</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Japan</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6,419</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6,317</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6,543</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18,027</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18,131</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7,470</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6,345</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6,392</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">19,360</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">16,004</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">21%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Europe</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,528</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,299</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>53%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4,199</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-16%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>11,043</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>11,489</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-4%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Germany</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,395</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">494</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">182%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,185</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,356</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,884</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">78%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;France</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">108</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">189</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-43%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">590</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-82%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,287</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,011</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-36%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,616</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">25%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,424</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-16%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6,400</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7,594</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-16%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Middle East</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,666</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,475</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>13%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,386</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>20%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4,459</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,668</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>22%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Rest of the World</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,148</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,155</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,885</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>14%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>6,479</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>5,193</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>25%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>81,838</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>80,559</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>79,792</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>225,456</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>210,591</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>7%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Iron ore fines pricing<BR>
<BR>
</B></P>

<P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #0ABB98"><B>Pricing system breakdown (%)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 25%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Lagged</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">15</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">13</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">15</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Current</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">51</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">44</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">56</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Provisional</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">34</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">43</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">29</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>100</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>100</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>100</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #B8870F"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #0ABB98"><B>Price realization</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 34%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$/t</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555"><B>Average reference price (dmt)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>99.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>114.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-13%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>111.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-11%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Quality and premiuns<SUP>1</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(3.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-42%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555"><B>Impact of pricing system adjustments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>127%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>113%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Provisional prices in prior quarter<SUP>2</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Lagged prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(0.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">13%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Current prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(0.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(0.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">50%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Provisional prices in current quarter<SUP>3</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">138%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555"><B>CFR reference (dmt)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>101.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>116.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-13%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>110.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-8%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Adjustments for FOB sales<SUP>4</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(2.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(2.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">29%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(3.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-10%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Moisture</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(8.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(9.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-12%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(8.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-10%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555"><B>Vale realized price (wmt)<SUP>5</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>90.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>105.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-14%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>98.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-8%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #848484"><SUP>1</SUP> Includes quality (US$ 0.4/t) and premiums/discounts and commercial conditions (US$ -2.3/t). <SUP>2</SUP> Adjustment as a result of provisional prices booked in 2Q24 at US$ 106.5/t. <SUP>3</SUP> Difference between the weighted average of the prices provisionally set at the end of 3Q24 at US$ 108.8/t based on forward curves and US$ 99.7/t from the 3Q24 average reference price. <SUP>4</SUP> Includes freight pricing mechanisms of CFR sales freight recognition. <SUP>5</SUP> Vale&rsquo;s price is net of taxes.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #B8870F"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #B8870F"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #B8870F"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 31 -->
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<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0 0 6pt"><FONT STYLE="font-size: 14pt; color: #007E7A; line-height: 110%"><B>Iron
ore fines costs &amp; expenses<BR>
<BR>
</B></FONT><B><FONT STYLE="color: #0ABB98">COGS - 3Q24 vs. 3Q23</FONT></B></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0 0 6pt"><B><FONT STYLE="color: #0ABB98">&nbsp;</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 45%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Exchange rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Others</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Total variation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">C1 cash costs</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,784</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(116)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(122)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,662</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Freight</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,129</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">104</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">103</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,232</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Distribution costs</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">179</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">172</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Royalties &amp; others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">316</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">305</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total costs before depreciation and amortization</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,408</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(12)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(116)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>91</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(37)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,371</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">357</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(24)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">14</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(12)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">345</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,765</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(14)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(140)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>105</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(49)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>3,716</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 13pt/110% Vale Sans,sans-serif; margin: 0; color: #B8870F">&nbsp;</P>

<P STYLE="font: 12pt Vale Sans,sans-serif; margin: 0; color: #0ABB98"><B>Cash cost and freight</B></P>

<P STYLE="font: 12pt Vale Sans,sans-serif; margin: 0; color: #0ABB98"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="width: 35%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>C1 cash cost (US$ million)</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">C1 cash cost, including third-party purchase costs (A)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,662</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,784</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-7%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,935</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-14%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5,043</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4,682</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Third-party purchase cost adjustment&sup1; (B)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">377</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">402</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-6%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">409</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-8%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,132</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">944</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">20%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">C1 cash cost, ex-third-party purchase costs (C = A &ndash; B)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,285</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,383</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-7%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,526</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-16%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,911</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,738</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Sales volumes (Mt)</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Volume sold&sup2; (D)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">69.3</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">69.7</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-1%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">68.5</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">190.4</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">178.9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Volume sold from third-party purchases (E)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7.1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6.6</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7.1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">19.9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">15.8</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">26%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Volume sold from own operations (F = D &ndash; E)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">62.2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">63.1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-1%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">61.4</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">170.5</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">163.1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>C1 cash cost&sup2;, FOB (US$/t)</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">C1 cash cost, ex-third-party purchase costs (C/F)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">20.6</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">21.9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-6%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">24.9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-17%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">22.9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">22.9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Average third-party purchase C1 cash cost (B/E)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">52.9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">60.5</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-13%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">57.4</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-8%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">56.9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">59.9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Iron ore cash cost (A/D)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">24.0</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">25.6</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-6%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">28.2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-15%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">26.5</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">26.2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Freight</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Maritime freight costs (G)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,232</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,129</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,114</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3,207</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,671</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">20%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">CFR sales (%) (H)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">86%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">86%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0 p.p.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">85%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1 p.p.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">85%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">82%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3 p.p.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Volume CFR (Mt) (I = D x H)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">59.8</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">59.8</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">58.5</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">162.8</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">147.1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Freight cost (US$/t) (G/I)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">20.6</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18.9</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">19.0</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8%</FONT></TD>
    <TD STYLE="background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">19.7</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18.2</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #747678">&sup1; Includes logistics costs related to third-party purchases. &sup2; Excludes ROM, royalties and distribution costs.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #0ABB98">&nbsp;</P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #0ABB98"><B><BR>
Expenses</B></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #0ABB98"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #0ABB98"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">SG&amp;A</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">13</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">16</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-19%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">15</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-13%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">38</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">38</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">R&amp;D</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">76</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">70</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">82</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-7%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">228</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">166</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">37%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pre-operating and stoppage expenses</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">58</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">78</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-26%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">53</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">162</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">226</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-28%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other expenses</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">63</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-97%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">41</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-95%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">82</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">44</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">86%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total expenses</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>149</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>227</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-34%</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>191</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-22%</B></FONT></TD>
    <TD STYLE="background-color: #D2F2EC; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>510</B></FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>474</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>8%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Vale Sans,sans-serif; margin: 0; color: #0ABB98"><BR>
<BR>
</P>

<P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #B8870F"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #B8870F"><B>&nbsp;</B></P>


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<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0 0 6pt; color: #007E7A"><B>Iron Ore Solutions: Projects Details</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 31%; border-left: #3CB5E5 6pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 90%"><B>Growth projects</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 90%"><B>Capex 3Q24</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 90%"><B>Financial progress<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 90%"><B>Physical progress</B></FONT></TD>
    <TD STYLE="width: 39%; border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 90%"><B>Comments</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt">
    <P STYLE="font: 8pt/110% Vale Sans,sans-serif; margin: 0; color: #555555"><B>Northern System 240 Mtpy</B></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Capacity: 10 Mtpy</I></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Start-up: 1H23</I></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Capex: US$ 772 MM</I></P></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">23</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">92%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">~100%<SUP>2</SUP></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Test operations at the port have been concluded.&nbsp;&nbsp;At the mine, the structural reinforcement of the 3<SUP>rd</SUP> silo has been concluded and cargo tests have been initiated.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt">
    <P STYLE="font: 8pt/110% Vale Sans,sans-serif; margin: 0; color: #555555"><B>Serra Sul +20<SUP>3</SUP></B></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Capacity: 20 Mtpy</I></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Start-up: 2H26</I></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Capex: US$ 2,844 MM</I></P></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">142</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">46%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">67%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">All modules of the semi-mobile crusher have been positioned and the critical lifts of the transfer house have been completed. The assembly of the long-distance conveyor belt is in the final stages. Civil construction at the plant should be finished by Q4.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt">
    <P STYLE="font: 8pt/110% Vale Sans,sans-serif; margin: 0; color: #555555"><B>Capanema&rsquo;s Maximization</B></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Capacity: 18 Mtpy</I></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Start-up: 1H25</I></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Capex: US$ 913 MM</I></P></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">72</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">68%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">91%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">The&nbsp;project&nbsp;is&nbsp;in&nbsp;the&nbsp;final&nbsp;stage&nbsp;of&nbsp;mechanical completion.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt">
    <P STYLE="font: 8pt/110% Vale Sans,sans-serif; margin: 0; color: #555555"><B>Briquettes Tubar&atilde;o</B></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Capacity: 6 Mtpy</I></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Start-up: 4Q23 (Plant 1) | 1Q25 (Plant 2)</I></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Capex: US$ 342 MM</I></P></TD>
    <TD STYLE="background-color: #D2F2EC; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">14</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">86%</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">96%</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Plant 1 stabilization works continue with focus on quality control, for subsequent replication in Plant 2.</FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 90%"><B>Sustaining projects</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 90%"><B>Capex 3Q24</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 90%"><B>Financial progress<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 90%"><B>Physical progress</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 90%"><B>Comments</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt">
    <P STYLE="font: 8pt/110% Vale Sans,sans-serif; margin: 0; color: #555555"><B>Compact Crushing S11D</B></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Capacity: 50 Mtpy</I></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Start-up: 2H26</I></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Capex: US$ 755 MM</I></P></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">38</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">34%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">55%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Civil works on the secondary crusher were completed and the assembly phase was initiated.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt">
    <P STYLE="font: 8pt/110% Vale Sans,sans-serif; margin: 0; color: #555555"><B>N3 &ndash; Serra Norte</B></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Capacity: 6 Mtpy</I></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Start-up: 2H26</I></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Capex: US$ 84 MM</I></P></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">20%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">19%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt">
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0; color: #555555">&nbsp;</P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0; color: #555555">The Installation License and Vegetation Suppression Authorization
    are pending.</P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0; color: #555555">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt">
    <P STYLE="font: 8pt/110% Vale Sans,sans-serif; margin: 0; color: #555555"><B>VGR 1 plant revamp<SUP>3</SUP></B></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Capacity: 17 Mtpy</I></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Start-up: 3Q24</I></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Capex: US$ 67 MM</I></P></TD>
    <TD STYLE="background-color: #D2F2EC; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">9</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">71%</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">100%</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">The project started commissioning in September, one month ahead of schedule.&nbsp;&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><SUP>1</SUP> CAPEX disbursement until end of 3Q24 vs. CAPEX
expected. <SUP>2</SUP> Considering physical progress of mine, plant and logistics. <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.</P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #0ABB98"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #0ABB98"><B>Projects under evaluation</B></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #0ABB98"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 34%; border-left: #3CB5E5 6pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #555555; line-height: 110%"><B>Apolo</B></FONT></TD>
    <TD STYLE="width: 33%; border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #555555; line-height: 110%"><B>Capacity: Under evaluation</B></FONT></TD>
    <TD STYLE="width: 33%; border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #555555; line-height: 110%"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Southeastern System (Brazil)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Growth project</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Open pit mine</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #555555; line-height: 110%"><B>Briquette plants</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #555555; line-height: 110%"><B>Capacity: Under evaluation</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #555555; line-height: 110%"><B>Stage: 2 plants at FEL3; 5 plants at different stages of FEL</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Brazil and other regions</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Growth project</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Investment decision: 2025-2030</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Vale&rsquo;s ownership: N/A</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Cold agglomeration plant</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #555555; line-height: 110%"><B>Itabira mines</B></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #555555; line-height: 110%"><B>Capacity: 25 Mtpy</B></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #555555; line-height: 110%"><B>Stage: Prefeasibility Study</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Southeastern System (Brazil)</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Replacement project</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Open pit mine</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Diverse pits and tailing and waste stockpile projects aimed at maintaining Itabira&acute;s long-term production volumes. </FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #555555; line-height: 110%"><B>Mega Hubs</B></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #555555; line-height: 110%"><B>Capacity: Under evaluation</B></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #555555; line-height: 110%"><B>Stage: Prefeasibility Study</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Middle East</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Growth project</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Vale&rsquo;s ownership: N/A</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Industrial complexes for iron ore concentration and agglomeration and production of direct reduction metallics</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Vale continues to advance in negotiations with world-class players and jointly study the development of Mega Hubs</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #555555; line-height: 110%"><B>S11C</B></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #555555; line-height: 110%"><B>Capacity: Under evaluation</B></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #555555; line-height: 110%"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Northern System (Brazil)</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Replacement project</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Open pit mine</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #555555; line-height: 110%"><B>Serra Norte N1/N2<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #555555; line-height: 110%"><B>Capacity: Under evaluation</B></FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #555555; line-height: 110%"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Northern System (Brazil)</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Replacement project</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-left: #3CB5E5 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">Open pit mine</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #555555"><SUP>1</SUP>
Project scope is under review given permitting constraints.<BR>
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 7pt; color: gray; letter-spacing: -0.1pt"><BR>
<BR>
</FONT></P>


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<P STYLE="font: 14pt Vale Sans,sans-serif; margin: 0 0 6pt"><FONT STYLE="color: #007E7A"><B>Energy Transition Metals: </B></FONT><B><FONT STYLE="color: #3CB5E5">Copper</FONT><FONT STYLE="color: #007E7A"><BR>
<BR>
</FONT></B></P>

<P STYLE="font: 12pt Vale Sans,sans-serif; margin: 0 0 6pt; color: #3CB5E5"><B>Revenues &amp; price realization</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 35%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Volume sold</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">Copper ('000 metric tons)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">61</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">62</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">58</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">176</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">158</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">Gold as by-product (&lsquo;000 oz)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">85</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">95</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-11%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">89</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-4%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">259</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">232</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">12%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">Silver as by-product (&lsquo;000 oz)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">202</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">242</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-17%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">242</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-17%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">632</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">653</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Average prices</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Average LME copper price (US$/t)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,210</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,356</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,753</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-6%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,131</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,585</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Average copper realized price (US$/t)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,016</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7,731</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,202</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,651</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7,969</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Gold (US$/oz)&sup1;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,591</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,874</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">38%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,361</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,346</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,939</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">21%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Silver (US$/oz)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">30</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">30%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">27</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">27</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">24</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">13%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net revenue (US$ million)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Copper</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">553</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">478</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">16%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">535</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,522</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,257</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">21%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Gold as by-product&sup1;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">221</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">177</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">25%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">209</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">607</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">450</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">35%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Silver as by-product</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">20%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-14%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">13%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>780</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>660</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>18%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>751</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,146</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,722</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>25%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">PPA adjustments&sup2;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(21)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">24</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net revenue after PPA adjustments</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>759</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>660</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>15%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>775</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2,177</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,722</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>26%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #747678">&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 September 30th, 2024, Vale had provisionally priced copper sales from Sossego and Salobo totaling 51,876 tons valued at weighted average LME forward price of US$ 10,009/t, subject to final pricing over the following months.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Vale Sans,sans-serif; margin: 0.25in 0 6pt; color: #3CB5E5"><B>Breakdown of copper realized prices </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$/t</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Average LME copper price</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,210</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,356</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,753</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-6%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,131</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,585</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Current period price adjustments&sup1;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">106</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(189)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(204)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(26)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(134)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-81%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Copper gross realized price</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,316</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,167</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">14%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,549</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,105</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,450</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Prior period price adjustments&sup2;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">203</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">125</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">62%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">125</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">62%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">45</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">62</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-28%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Copper realized price before discounts</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>9,518</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>8,292</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>15%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>9,674</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-2%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>9,150</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>8,513</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>7%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">TC/RCs, penalties, premiums and discounts&sup3;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(503)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(560)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-10%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(472)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(499)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(543)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Average copper realized price</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>9,016</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>7,731</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>17%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>9,202</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-2%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #D7F0F9; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>8,651</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>7,969</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #7F7F7F">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). &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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Vale Sans,sans-serif; margin: 0 0 6pt; color: #3CB5E5"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Vale Sans,sans-serif; margin: 0 0 6pt; color: #3CB5E5"><B>COGS - 3Q24 vs. 3Q23</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 44%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Exchange rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Others</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-left: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Costs</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">341</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(29)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">58</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-left: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">366</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">49</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-left: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">39</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>390</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(33)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>52</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; border-left: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>405</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 12pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center; vertical-align: middle"><P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0pt 0 0; color: #555555"><B>- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --> -</B></P></TD><TD STYLE="text-align: right">&nbsp;<IMG SRC="image_002.jpg" ALT=""></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><IMG SRC="image_021.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
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<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/110% Vale Sans,sans-serif; margin: 0"><FONT STYLE="color: #007E7A"><B>Energy Transition Metals: </B></FONT><B><FONT STYLE="color: #3CB5E5">Nickel</FONT></B></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #3CB5E5"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #3CB5E5"><B>Revenues &amp; price realization</B></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #3CB5E5"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>Volume sold ('000 metric tons)</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Nickel</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">41</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">39</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4%</FONT></TD>
    <TD STYLE="padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">34</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">19%</FONT></TD>
    <TD STYLE="background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">108</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">120</FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-10%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Copper</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">14</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">12</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17%</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-22%</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">52</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">53</FONT></TD>
    <TD STYLE="border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Gold as by-product ('000 oz)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-56%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-56%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">25</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">31</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-19%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Silver as by-product ('000 oz)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">209</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">122</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">71%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">206</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">660</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">634</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">PGMs ('000 oz)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">42</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">41</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">38</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">152</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">204</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-25%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cobalt (metric ton)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">464</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">399</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">16%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">320</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">45%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,249</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,679</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-26%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>Average realized prices (US$/t)</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Nickel</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17,012</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">21,237</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-20%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18,638</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-9%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17,478</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23,203</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-25%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Copper</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,187</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7,423</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">24%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,137</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,503</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7,768</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Gold (US$/oz)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,748</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,851</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">48%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,435</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">13%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,305</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,902</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">21%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Silver (US$/oz)</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">31.4</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">22.5</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">40%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">28.2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">27.1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">22.4</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">21%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cobalt</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23,850</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">35,222</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-32%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">28,258</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-16%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">27,454</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">33,428</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-18%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>Net revenue by product (US$ million)</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Nickel</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">692</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">833</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-17%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">639</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8%</FONT></TD>
    <TD STYLE="background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1,889</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2,777</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-32%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Copper</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">127</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">89</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">43%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">164</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-23%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">444</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">409</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Gold as by-product&sup1;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">12</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-29%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">22</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-45%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">58</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">59</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Silver as by-product </FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">133%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">18</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">14</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">26%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">PGMs</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">44</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">54</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-19%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">38</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">16%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">150</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">214</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-30%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cobalt&sup1;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">14</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-21%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">22%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">34</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">56</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-39%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Others</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">13</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-31%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">5</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">80%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">24</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">38</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-37%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>902</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>1,023</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>-12%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>882</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>2%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>2,616</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>3,566</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>-27%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">PPA adjustments&sup2;</FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">82</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-97%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-3</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">433</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-99%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>Net revenue after PPA adjustments</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>904</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>1,105</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>-18%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.75pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>879</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>3%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>2,619</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>3,999</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>-35%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; 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="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #3CB5E5"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #3CB5E5"><B>Breakdown of nickel volumes sold, realized price and premium</B></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #3CB5E5"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 1.5pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>9M23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>Volumes (kt)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">Upper Class I nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">22.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">21.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">19.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">20%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">62.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">68.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 20pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">- of which: EV Battery</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">1.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">0.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">400%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">0.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">25%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">2.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">2.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">Lower Class I nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">6.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">4.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">50%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">3.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">77%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">14.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">13.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">9%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">Class II nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">10.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">9.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">10%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">6.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">56%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">21.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">26.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-21%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">Intermediates</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">0.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">3.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-81%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">4.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-85%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">9.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">11.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-14%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>40.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>39.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>34.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>19%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>108.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>119.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>-10%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>Nickel realized price (US$/t)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">LME average nickel price</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">16,259</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">20,344</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-20%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">18,415</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-12%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">17,072</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">22,890</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-25%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">Average nickel realized price</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">17,012</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">21,237</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-20%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">18,638</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">17,478</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">23,202</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-25%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">Contribution to the nickel realized price by category:</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">Nickel average aggregate premium/(discount)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">571</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">123</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">364%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">319</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">79%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">474</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">77</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">516%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 11pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">Other timing and pricing adjustments contributions&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">182</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">770</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-76%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(97)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(68)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">234</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: gray"><B>Premium/discount by product (US$/t)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">Upper Class I nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">1,080</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">1,755</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-38%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">1,260</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-14%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">1,180</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">1,710</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-31%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">Lower Class I nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">460</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">1,368</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-66%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">610</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-25%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">550</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">1,320</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-58%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">Class II nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(360)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(2,542)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-86%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 5pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">290</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">70</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(2,540)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">Intermediates</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(1,330)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(4,361)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-70%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(3,650)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-64%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; background-color: #D7F0F9; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(3,220)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">(4,980)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: gray">-35%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="10" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #7F7F7F">&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 positive impact of US$48/t and (ii) fixed-price sales, with a positive impact of US$134/t.</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: right; width: 100%"><IMG SRC="image_021.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #3CB5E5"><B>Product type by operation<BR>
<BR>
</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 28%; border-left: #007E7A 6pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 90%"><B>% of sales</B></FONT></TD>
    <TD STYLE="width: 24%; border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 90%"><B>North Atlantic&sup1;</B></FONT></TD>
    <TD STYLE="width: 24%; border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 90%"><B>Matsusaka</B></FONT></TD>
    <TD STYLE="width: 24%; border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 90%"><B>On&ccedil;a Puma</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">Upper Class I</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">73.7</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">Lower Class I</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">22.2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">Class II</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">3.2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">94.8</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">97.9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">Intermediates</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">0.9</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">5.2</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">2.1</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #555555">&sup1;
Comprises Sudbury, Clydach and Long Harbour refineries<BR>
</FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 7pt; color: gray"><BR>
<BR>
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; color: #3CB5E5"><B>COGS - 3Q24 vs. 3Q23</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 44%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Exchange rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Others</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-top: #FFC000 1.5pt solid; border-right: #FFC000 1.5pt solid; border-left: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3Q24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Costs</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">925</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">139</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(15)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(113)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-left: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">936</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: #BFBFBF 1pt solid; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">213</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(50)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-left: #FFC000 1.5pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">167</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,138</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>147</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(19)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>(163)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: #FFC000 1.5pt solid; border-bottom: #FFC000 1.5pt solid; border-left: #FFC000 1.5pt solid; background-color: #D2F2EC; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,103</B></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 14pt/115% Vale Sans,sans-serif; margin: 0 0 8pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Energy Transition Metals: Projects Details<BR>
<BR>
</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #3CB5E5">
    <TD STYLE="width: 31%; border-left: #007E7A 6pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 90%"><B>Growth projects</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; letter-spacing: -0.3pt; line-height: 90%"><B>Capex 3Q24</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; letter-spacing: -0.3pt; line-height: 90%"><B>Financial progress<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; letter-spacing: -0.3pt; line-height: 90%"><B>Physical<BR>
progress</B></FONT></TD>
    <TD STYLE="width: 39%; border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; letter-spacing: -0.3pt; line-height: 90%"><B>Comments</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt">
    <P STYLE="font: 9pt/110% Vale Sans,sans-serif; margin: 0; color: #555555"><B>On&ccedil;a Puma 2<SUP>nd</SUP> Furnace</B></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Capacity: 12-15 ktpy</I></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Start-up: 2H25</I></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Capex: US$ 555 MM</I></P></TD>
    <TD STYLE="background-color: #D7F0F9; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 90%">40</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 90%">37%</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 90%">56%</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">The project is advancing slightly ahead of plan. Major equipment and materials are planned to arrive by the end of 2024, and the assembly of the 2<SUP>nd</SUP> furnace is progressing well. </FONT></TD></TR>
  <TR STYLE="background-color: #3CB5E5">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 90%"><B>Sustaining projects</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; letter-spacing: -0.3pt; line-height: 90%"><B>Capex 3Q24</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; letter-spacing: -0.3pt; line-height: 90%"><B>Financial progress<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; letter-spacing: -0.3pt; line-height: 90%"><B>Physical<BR>
progress</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; letter-spacing: -0.3pt; line-height: 90%"><B>Comments</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt">
    <P STYLE="font: 9pt/110% Vale Sans,sans-serif; margin: 0; color: #555555"><B>Voisey&rsquo;s Bay Mine Extension</B></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Capacity: 45 ktpy (Ni) and 20 ktpy (Cu)</I></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Start-up: 1H21<SUP>2</SUP></I></P>
    <P STYLE="font: 8pt/110% Vale Sans Light,sans-serif; margin: 0 0 0 7.1pt; color: #555555"><I>Capex: US$ 2,940 MM</I></P></TD>
    <TD STYLE="background-color: #D7F0F9; padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 90%">76</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 90%">94%</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; padding-left: 4.25pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 90%">99%</FONT></TD>
    <TD STYLE="padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555; line-height: 110%">All surface construction completed with commissioning of Reid Brook power plant remaining. In Eastern Deeps Mine, the Bulk Material Handling system achieved mechanical completion in early October and the focus is now on commissioning, with handover to Operations within 2024. Demobilization efforts are ongoing, with Surface contractors already fully demobilized.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><SUP>1</SUP> CAPEX disbursement until end of 3Q24 vs. CAPEX
expected.</P>

<P STYLE="font: 6pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><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.</P>

<P STYLE="font: 7pt Vale Sans,sans-serif; margin: 0; color: gray"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 7pt Vale Sans,sans-serif; margin: 0; color: gray"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Vale Sans,sans-serif; margin: 0 0 6pt; color: #3CB5E5"><B>Projects under evaluation</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #3CB5E5">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 110%"><B>Copper</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Alem&atilde;o</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Capacity: 60 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Caraj&aacute;s, Brazil</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Growth project</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Investment decision: 2025</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Underground mine</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">115 kozpy Au as by-product</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>South Hub extension (Bacaba)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Capacity: 60-80 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Stage: FEL3&sup1;</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Caraj&aacute;s, Brazil</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Replacement project</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Investment decision: 4Q24</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Open pit</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Development of mines to feed Sossego mill</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Victor</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Capacity: 20 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Ontario, Canada</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Replacement project</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Investment decision: 2025-2026</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Vale&rsquo;s ownership: N/A</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Underground mine</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">5 ktpy Ni as co-product; JV partnership under discussion</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Hu&rsquo;u</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Capacity: 300-350 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Dompu, Indonesia</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Growth project</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">200 kozpy Au as by-product</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Vale&rsquo;s ownership: 80%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Underground block cave</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>North Hub</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Capacity: 70-100 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Stage: FEL1</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Caraj&aacute;s, Brazil</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Growth project</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Mines and processing plant</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%">&nbsp;</TD></TR>
  <TR STYLE="background-color: #3CB5E5">
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: white; line-height: 110%"><B>Nickel</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Creighton Ph. 5</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Capacity: 15-20 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Ontario, Canada</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Replacement project</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Investment decision: 2025</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Underground mine</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">10-16 ktpy Cu as by-product</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>CCM Pit</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Capacity: 12-15 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Ontario, Canada</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Replacement project</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Investment decision: 2025</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Open pit mine</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">7-9 ktpy Cu as by-product</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>CCM Ph. 3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Capacity: 5-10 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Ontario, Canada</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Replacement project</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Investment decision: 2025</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Underground mine</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">7-13 ktpy Cu as by-product</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>CCM Ph. 4</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Capacity: 7-12 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Ontario, Canada</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Replacement project</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">7-12 ktpy Cu as by-product</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Underground mine</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Nickel Sulphate Plant</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Capacity: ~25 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 110%"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Quebec, Canada</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Growth project</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Investment decision: 2024-2025 </FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #007E7A 6pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 110%">Vale&rsquo;s ownership: N/A</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.85pt; padding-left: 4.25pt; line-height: 110%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 6pt/115% Vale Sans Light,sans-serif; margin: 0 0 8pt; color: #555555"><SUP>1</SUP> Refers to the most advanced projects
(Bacaba and Cristalino).</P>


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<P STYLE="font: 22pt Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Annex 4: Brumadinho &amp; Decharacterization</B></P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; color: #828282"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #B8870F"><B>&nbsp;</B></P>

<P STYLE="font: 6pt/90% Vale Sans Light,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/90% Vale Sans,sans-serif; margin: 0; color: #B8870F"><B>Brumadinho &amp; Dam decharacterization</B></P>

<P STYLE="font: 12pt/90% Vale Sans,sans-serif; margin: 0; color: #B8870F"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 27%; border-left: #ECB11F 6pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Provisions balance 30jun24</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>EBITDA impact<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Payments</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>FX and other adjustments<SUP>3</SUP></B></FONT></TD>
    <TD STYLE="width: 17%; border-top: #FFC000 2.25pt solid; border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Provisions balance<BR>
30sep24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #ECB11F 6pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Decharacterization</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">2,738</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">(154)</FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">99</FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">2,683</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #ECB11F 6pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Agreements &amp; donations&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">2,412</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">48</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">(188)</FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">118</FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">2,390</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #ECB11F 6pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555"><B>Total Provisions</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555"><B>5,150</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555"><B>48</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555"><B>(342)</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555"><B>217</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555"><B>5,073</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #ECB11F 6pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Incurred Expenses</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">78</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">(78)</FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">-</FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: #ECB11F 6pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555"><B>5,150</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555"><B>126</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555"><B>(420)</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555"><B>217</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #FFC000 2.25pt solid; background-color: #D2F2EC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555"><B>5,073</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt Vale Sans Light,sans-serif; margin: 0 0 8pt; text-align: justify; color: #555555"><SUP>1</SUP> 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. <SUP>3</SUP> Includes foreign exchange, present value
and other adjustments.</P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #B8870F"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #B8870F"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #B8870F"><B>Impact of Brumadinho and Decharacterization from 2019 to
3Q24</B></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; color: #B8870F"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 24%; border-left: #ECB11F 6pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>EBITDA impact</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Payments</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>FX and other adjustments<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="width: 19%; border-top: #FFC000 2.25pt solid; border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>Provisions balance </B></P>
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>30sep24</B></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #ECB11F 6pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">Decharacterization</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">5,060</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">(2,001)</FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">(376)</FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">2,683</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #ECB11F 6pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">Agreements &amp; donations&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">9,147</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">(6,920)</FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">163</FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">2,390</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #ECB11F 6pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 90%"><B>Total Provisions</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 90%"><B>14,207</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 90%"><B>(8,921)</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 90%"><B>(213)</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 90%"><B>5,073</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #ECB11F 6pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">Incurred expenses</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">3,248</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">(3,248)</FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">-</FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #ECB11F 6pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">Others</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">180</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">(178)</FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">(2)</FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-left: #ECB11F 6pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 90%"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 90%"><B>17,635</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 90%"><B>(12,347)</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 90%"><B>(215)</B></FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #FFC000 2.25pt solid; background-color: #D2F2EC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 90%"><B>5,073</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #555555">&sup1; Includes Integral Reparation Agreement,
individual, labor and emergency indemnifications, tailing removal and containment works. &sup2; Includes foreign exchange, present value
and other adjustments.</P>

<P STYLE="font: 11pt Vale Sans,sans-serif; margin: 0; color: #828282"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #B8870F"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #B8870F"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #B8870F"><B>Cash outflow of Brumadinho &amp; Decharacterization
commitments<SUP>1 2</SUP>:</B></P>

<P STYLE="font: 12pt/110% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #B8870F"><B>&#9;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 54%; border-left: #ECB11F 6pt solid; border-bottom: #BFBFBF 1pt solid; border-right: #FFC000 2.25pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ billion</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #FFC000 2.25pt solid; border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Disbursed from 2019 to 3Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8.5pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8.5pt; color: #007E7A"><B>2025</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8.5pt; color: #007E7A"><B>2026</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 6%; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8.5pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>&nbsp;</B></P>
    <P STYLE="font: 8.5pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>2027</B></P>
    <P STYLE="font: 8.5pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 12%; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>Yearly average </B></P>
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>2028-2035&sup3;</B></P></TD></TR>
  <TR>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-left: #ECB11F 6pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">Decharacterization</FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">(2.0)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">0.1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">0.5</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">0.5</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">0.4</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">0.2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-left: #ECB11F 6pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">Integral Reparation Agreement &amp; other reparation provisions</FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">(6.9)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">0.5</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">0.8</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">0.7</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">0.3</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">0.1<SUP>4</SUP></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-left: #ECB11F 6pt solid; border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">Incurred expenses</FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #BFBFBF 1pt solid; background-color: #D2F2EC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">(3.2)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">0.3</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">0.4</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">0.4</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">0.3</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555; line-height: 90%">0.4<SUP>5</SUP></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-left: #ECB11F 6pt solid; border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 90%"><B>Total </B></FONT></TD>
    <TD STYLE="border-right: #FFC000 2.25pt solid; border-bottom: #FFC000 2.25pt solid; background-color: #D2F2EC; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 90%"><B>(12.1)</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 90%"><B>0.9</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 90%"><B>1.7</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 90%"><B>1.6</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 90%"><B>1.0</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 90%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #555555; line-height: 90%"><B>-</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #555555"><SUP>1</SUP> Estimate cash outflow for
2024-2035 period, given BRL-USD exchange rates of 5.4481. <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$ 248 million per year. <SUP>4</SUP> Disbursements related to the Integral Reparation Agreement ending in 2031. <SUP>5</SUP>
Disbursements related to incurred expenses ending in 2028.</P>

<P STYLE="font: 6pt Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #555555">&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>

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<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>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
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    <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: October 24, 2024</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0in"> Director of Investor Relations</TD></TR>
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begin 644 image_003.jpg
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<DOCUMENT>
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begin 644 image_004.jpg
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end
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<DOCUMENT>
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<FILENAME>image_005.jpg
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<TEXT>
begin 644 image_005.jpg
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end
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<DOCUMENT>
<TYPE>GRAPHIC
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<TEXT>
begin 644 image_008.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
