<SEC-DOCUMENT>0001292814-24-002542.txt : 20240626
<SEC-HEADER>0001292814-24-002542.hdr.sgml : 20240626
<ACCEPTANCE-DATETIME>20240625215632
ACCESSION NUMBER:		0001292814-24-002542
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240626
DATE AS OF CHANGE:		20240625

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:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-271248
		FILM NUMBER:		241070486

	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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALE OVERSEAS LTD
		CENTRAL INDEX KEY:			0001169446
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-271248-01
		FILM NUMBER:		241070487

	BUSINESS ADDRESS:	
		STREET 1:		AV. GRACA ARANHA
		STREET 2:		#26
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			2005-900
		BUSINESS PHONE:		011552138144845

	MAIL ADDRESS:	
		STREET 1:		PO BOX 908
		STREET 2:		GT WALKER HOUSE
		CITY:			GEORGETOWN
		STATE:			E9
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>vale20240625_424b2.htm
<DESCRIPTION>424B2
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY>


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

<P STYLE="text-align: justify; font: 9pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0"><B>PROSPECTUS SUPPLEMENT<BR>
(To prospectus dated April 25, 2023)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><FONT STYLE="font-size: 9pt"><IMG SRC="vale20240624424b2_001.jpg" ALT="LogoVale" STYLE="height: 66px; width: 142px"></FONT></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Vale
Overseas Limited</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"><B>US$1,000,000,000 6.400% Guaranteed Notes due
2054</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"><B>Unconditionally Guaranteed By </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Vale
S.A.</B></FONT></P>

<P STYLE="font: 8.5pt/95% Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas Limited
(&ldquo;Vale Overseas&rdquo;) is offering US$1,000,000,000 aggregate principal amount of its 6.400% Guaranteed Notes due 2054 (the &ldquo;notes&rdquo;).
Vale Overseas will pay interest on the notes semi-annually on June 28 and December 28 of each year, beginning December 28, 2024. Subject
to some exceptions described under &ldquo;<I>Description of the Debt Securities&mdash;Payment of Additional Amounts</I>&rdquo; in the
accompanying prospectus, Vale Overseas will pay additional amounts related to the deduction of certain withholding taxes in respect of
certain payments on the notes.</P>

<P STYLE="font: 8.5pt/95% Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas may
redeem the notes at its option, in whole or in part, at any time and from time to time, at the redemption prices set forth under &ldquo;<I>Description
of the Notes&mdash;Optional Redemption</I>&rdquo; in this prospectus supplement. Upon the imposition of certain withholding taxes, Vale
Overseas may also redeem the notes in whole, but not in part, at a price equal to 100% of their principal amount plus accrued interest
to the redemption date. See &ldquo;<I>Description of the Notes&mdash;Optional Redemption</I>.&rdquo;</P>

<P STYLE="font: 8.5pt/95% Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify; text-indent: 0.25in">The notes will be
unsecured obligations of Vale Overseas and will rank equally with Vale Overseas&rsquo; unsecured senior indebtedness. Payments of principal
and interest will be fully and unconditionally guaranteed by Vale S.A. (&ldquo;Vale&rdquo;). Vale or any wholly owned subsidiary of Vale
may replace Vale Overseas as issuer and principal debtor of the notes, without consent of the holders of the notes, as described under
&ldquo;<I>Description of the Notes&ndash;Substitution of Issuer.</I>&rdquo; The guaranty will rank equally in right of payment with all
other unsecured and unsubordinated debt obligations of Vale. The notes will be issued only in registered form in minimum denominations
of US$2,000 and integral multiples of US$1,000 in excess thereof.</P>

<P STYLE="font: 8.5pt/95% Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas will
apply to list the notes issued hereby on the New York Stock Exchange.</P>

<P STYLE="font: 8.5pt/95% Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify; text-indent: 0.25in"><B>Investing in the
notes involves risks that are described in the &ldquo;Risk Factors&rdquo; section beginning on page S-7 of this prospectus supplement.</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 1%; padding-top: 3pt; padding-right: 4.5pt; line-height: 95%">&nbsp;</TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; width: 1%; padding-left: 5pt">
    <P STYLE="font: 8.5pt/95% Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Per
    note</B></P></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; width: 1%; padding-left: 5pt">
    <P STYLE="font: 8.5pt/95% Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Total</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; line-height: 95%"><FONT STYLE="font-size: 8.5pt; line-height: 95%">Public offering price<SUP>(1)</SUP>&#9;</FONT></TD>
    <TD STYLE="padding-left: 5pt; white-space: nowrap; vertical-align: bottom; padding-right: 5pt; text-align: right; line-height: 95%"><FONT STYLE="font-size: 8.5pt; line-height: 95%">99.235%</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; vertical-align: bottom; line-height: 95%; padding-left: 5pt"><FONT STYLE="font-size: 8.5pt; line-height: 95%">US$992,350,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; line-height: 95%"><FONT STYLE="font-size: 8.5pt; line-height: 95%">Underwriting discount<SUP>(2)</SUP>&#9;</FONT></TD>
    <TD STYLE="padding-left: 5pt; white-space: nowrap; vertical-align: bottom; padding-right: 5pt; text-align: right; line-height: 95%"><FONT STYLE="font-size: 8.5pt; line-height: 95%">0.185%</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; vertical-align: bottom; line-height: 95%; padding-left: 5pt"><FONT STYLE="font-size: 8.5pt; line-height: 95%">US$1,850,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 4.5pt; line-height: 95%"><FONT STYLE="font-size: 8.5pt; line-height: 95%">Proceeds, before expenses, to Vale Overseas&#9;</FONT></TD>
    <TD STYLE="padding-left: 5pt; white-space: nowrap; vertical-align: bottom; padding-right: 5pt; text-align: right; line-height: 95%"><FONT STYLE="font-size: 8.5pt; line-height: 95%">99.050%</FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; vertical-align: bottom; line-height: 95%; padding-left: 5pt"><FONT STYLE="font-size: 8.5pt; line-height: 95%">US$990,500,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8.5pt/95% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">___________________</P>

<P STYLE="font: 8.5pt/95% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus
accrued interest from June 28, 2024, if settlement occurs after that date.</P>

<P STYLE="font: 8.5pt/95% Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(2) See &ldquo;<I>Underwriting</I>&rdquo; on
page S-26 of this prospectus supplement for additional information regarding underwriting compensation.</P>

<P STYLE="font: 8.5pt/95% Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify; text-indent: 0.25in"><B>Neither the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) nor any state securities commission has approved or disapproved of these securities or
determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 8.5pt/95% Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify; text-indent: 0.25in"><B>Prohibition of
sales to EEA retail investors:</B> The notes are not intended to be offered, sold, distributed or otherwise made available to and should
not be offered, sold, distributed or otherwise made available to any retail investor in the European Economic Area (&ldquo;EEA&rdquo;).
For these purposes, a retail investor means a person who is one (or more) of the following: (i) a retail client as defined in point (11)
of Article 4(1) of Directive 2014/65/EU (as amended, &ldquo;MiFID II&rdquo;); or (ii) a customer within the meaning of Directive (EU)
2016/97 (as amended, the &ldquo;Insurance Distribution Directive&rdquo;), where that customer would not qualify as a professional client
as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Article 2(e) of Regulation (EU)
2017/1129 (as amended, the &ldquo;Prospectus Regulation&rdquo;). Consequently, no key information document required by Regulation (EU)
No 1286/2014 (as amended, the &ldquo;PRIIPs Regulation&rdquo;) for offering, selling or distributing packaged retail and insurance based
investment or otherwise making them available to retail investors in the EEA has been prepared and therefore offering, selling or distributing
the notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.</P>

<P STYLE="font: 8.5pt/95% Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify; text-indent: 0.25in"><B>Prohibition of
sales to UK retail investors: </B>The notes are not intended to be offered, sold, distributed or otherwise made available to and should
not be offered, sold, distributed or otherwise made available to any retail investor in the United Kingdom (&ldquo;UK&rdquo;). For these
purposes, a retail investor means a person who is one (or more) of the following: (i) a retail client, as defined in point (8) of Article
2 of Regulation (EU) No 2017/565 as it forms part of assimilated law by virtue of the European Union (Withdrawal) Act 2018 (as amended,
and together with any statutory instruments made in exercise of the powers conferred by such Act, the &ldquo;EUWA&rdquo;); (ii) a customer
within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the &ldquo;FSMA&rdquo;), and any rules
or regulations made thereunder to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as
defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of assimilated law by virtue of the EUWA; or (iii)
not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of assimilated law by virtue of the EUWA.
Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of assimilated law by virtue of the
EUWA (the &ldquo;UK PRIIPs Regulation&rdquo;) for offering, selling or distributing packaged retail and insurance based investment products
or otherwise making them available to retail investors in the UK has been prepared, and therefore offering, selling or distributing the
notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation. References in
this section titled &ldquo;<I>Prohibition of sales to UK retail investors&rdquo;</I> to UK legislation include any successor legislation
to that legislation.</P>

<P STYLE="font: 8.5pt/95% Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify; text-indent: 0.25in">The notes will be
ready for delivery in book-entry form through The Depository Trust Company (&ldquo;DTC&rdquo;) and its participants, including Euroclear
Bank S.A./N.V. (&ldquo;Euroclear&rdquo;) and Clearstream Banking, <I>soci&eacute;t&eacute; anonyme </I>(&ldquo;Clearstream&rdquo;), on
or about June 28, 2024.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center; text-indent: 0.25in"><I>Global Coordinators and
Joint Bookrunners</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>BMO Capital Markets</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Citigroup</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Credit Agricole CIB</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>HSBC</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>MUFG</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center; text-indent: 0in"><I>Joint Bookrunners</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"><B>BofA Securities</B></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt"><B>Goldman Sachs &amp; Co. LLC</B></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Bradesco BBI</B></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>UBS Investment Bank</B></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center">The date of this prospectus supplement is June
25, 2024.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="TableOfContents"></A>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 12pt; text-align: center"><B>Prospectus Supplement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4pt; text-align: right"><B><U>Page</U></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 83%; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_001">Summary</A></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_001">S-1</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_002">Risk Factors</A></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_002">S-7</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_003">Use of Proceeds</A></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_003">S-10</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_004">Capitalization of Vale</A></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_004">S-11</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_005">Description of the Notes</A></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_005">S-12</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_006">Certain Tax Considerations</A></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_006">S-20</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_007">Data Protection</A></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_007">S-25</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_008">Underwriting</A></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_008">S-26</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_009">Validity of the Notes</A></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_009">S-33</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_010">Independent Public Accounting Firm</A></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_010">S-34</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_011">Experts</A></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_011">S-34</A></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_012">Incorporation of Certain Documents by Reference</A></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_012">S-35</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4pt; text-align: right"><B><U>Page</U></B></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; font-family: Times New Roman; width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 91%; text-align: left"><A HREF="#a_013">About this Prospectus</A></TD>
    <TD STYLE="width: 9%; text-align: right"><A HREF="#a_013">1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_014">Enforcement of Civil Liabilities</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_014">2</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_015">Forward-Looking Statements</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_015">4</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_016">Vale S.A.</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_016">5</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_017">Vale Overseas Limited</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_017">6</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_018">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_018">7</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_019">Legal Ownership of Debt Securities</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_019">8</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_020">Description of the Debt Securities</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_020">10</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_021">Description of the Guarantees</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_021">24</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_022">Plan of Distribution</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_022">25</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_023">Experts</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_023">27</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_024">Validity of the Securities</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_024">28</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_025">Data Protection</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_025">29</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_026">Where You Can Find More Information</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_026">30</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_027">Incorporation of Certain Documents by Reference</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_027">31</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-weight: normal">We
are responsible for the information contained in this prospectus supplement, the accompanying prospectus and the documents incorporated
by reference herein and therein. We have not, and the underwriters have not, authorized any person to give you any other information,
and we, and the underwriters, take no responsibility for any other information that others may give you. You should not assume that the
information contained in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and
therein is accurate as of any date other than their respective dates. Our business, financial condition, results of operations and prospects
may have changed since those dates. We and the underwriters are not making an offer of these securities in any jurisdiction where the
offer is not permitted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 100%"><A HREF="#TableOfContents">Table of Contents</A>&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_001"></A>SUMMARY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in"><I>This summary highlights
key information described in greater detail elsewhere, or incorporated by reference, in this prospectus supplement and the accompanying
prospectus. You should read carefully the entire prospectus supplement, the accompanying prospectus and the documents incorporated by
reference herein and therein before making an investment decision. In this prospectus supplement, unless the context otherwise requires,
references to &#8220;Vale,&#8221; &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; refer to Vale S.A. and its consolidated subsidiaries,
taken as a whole, and references to &#8220;Vale Overseas&#8221; mean Vale Overseas Limited, a wholly owned finance subsidiary.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas is a finance
company wholly owned by Vale. Vale Overseas&#8217; business is to issue debt securities to finance Vale&#8217;s activities. Vale Overseas
was incorporated as a Cayman Islands exempted company with limited liability on April 3, 2001.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center; text-indent: 0in"><B>Vale S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">We are one of the largest
metals and mining companies in the world, based on market capitalization, and one of the world&#8217;s largest producers of iron ore,
iron ore pellets and nickel. We also produce copper. Our nickel and copper concentrates contain by-products such as platinum group metals
(&#8220;PGMs&#8221;), gold, silver and cobalt. We are engaged in greenfield mineral exploration in six countries. In Brazil and other
regions in the world, we operate large logistics systems including railroads, maritime terminals and ports, which are integrated with
our mining operations. In addition, we have distribution centers to support the delivery of iron ore worldwide. Directly and through associates
and joint ventures, we also have investments in the energy business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The following table presents
the breakdown of total net operating revenue attributable to each of our lines of business with continuing operations.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-top: 10pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Three months
    ended March 31,</B></P></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Year ended
    December 31,</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">US$ million</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2024</B></P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2023</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2023</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2022</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>2021</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Iron solutions</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 17.05pt; text-indent: -8.05pt">Iron ore&#9;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,292</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4,982</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">27,760</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28,188</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">38,324</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 17.05pt; text-indent: -8.05pt">Iron ore pellets&#9;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,585</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,322</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,803</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6,256</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">7,053</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 8.05pt; text-indent: 0.95pt">Other ferrous products and services&#9;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">


    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">148</P>
</DIV></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
<DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">


    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">107</P>
</DIV></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">


    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">516</P>
</DIV></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">


    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">472</P>
</DIV></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<DIV STYLE="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid">


    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">548</P>
</DIV></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 26.05pt; text-indent: -8.05pt">Iron solutions &#8211; total&#9;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">7,025</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">6,411</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">34,079</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">34,916</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">45,925</P></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Energy transition metals</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 8.05pt; text-indent: 0.95pt">Nickel and other products<SUP>(1)</SUP> &#9;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">854</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,508</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,193</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">6,619</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">5,376</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 8.05pt; text-indent: 0.95pt">Copper<SUP>(2)</SUP> &#9;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">577</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">490</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,376</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1,779</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2,590</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 8.05pt; text-indent: 0.95pt">Other energy transition metals&#9;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">3</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">&#8212;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">&#8212;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">&#8212;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">&#8212;</P></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 26.05pt; text-indent: -8.05pt">Energy transition metals &#8211; total.</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">1,434</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">1,998</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">7,569</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">8,398</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">7,966</P></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Other&#9;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">-</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">25</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">136</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">525</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">611</P></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">Total net operating revenue from continuing operations&#9;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 7.8pt; border-bottom: Black 1.5pt double">8,459</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 7.8pt; border-bottom: Black 1.5pt double">8,434</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 7.8pt; border-bottom: Black 1.5pt double">41,784</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 7.8pt; border-bottom: Black 1.5pt double">43,839</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 7.8pt; border-bottom: Black 1.5pt double">54,502</P></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/95% Times New Roman, Times, Serif; margin: 0pt">___________________</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Includes nickel co-products (copper) and by-products (cobalt, PGMs and other precious metals) and marketing
activities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Does not include copper produced in our nickel operations.</TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0in"><B>Iron ore solutions:</B></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Iron ore</I>. We operate three systems in Brazil for the production and distribution of iron ore:</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Northern System: fully integrated system consisting of three mining complexes, a railroad and a maritime terminal.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Southeastern System: fully integrated system consisting of three mining complexes, a railroad, a maritime terminal and a port.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Southern System: consisting of two mining complexes and two maritime terminals.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Iron ore agglomerates</I>. We currently have a diverse agglomerates portfolio, which includes both
pellets and briquettes. We have eight operational pelletizing plants in Brazil and two in Oman, dedicated to pellet production. We also
have two briquetting plants in Brazil for briquette production.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0in"><B>Energy transition metals:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Our Energy Transition
Metals business, which includes nickel, copper, cobalt, platinum group metals (PGM) and other precious metals, is conducted through our
subsidiary Vale Base Metals Limited (VBM) and its subsidiaries.</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Nickel</I>. We have mines and processing plants in Canada and Indonesia, and we control and operate
nickel refining facilities in the United Kingdom and Japan. We also have nickel operations at On&ccedil;a Puma, located in the Brazilian
state of Par&aacute;.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Copper</I>. In Brazil, we produce copper concentrates at Sossego and Salobo operations, in Caraj&aacute;s,
in the state of Par&aacute;. In Canada, we produce copper concentrates and copper cathodes in conjunction with our nickel mining operations
at Sudbury (Ontario), and Voisey&#8217;s Bay and Long Harbour (Newfoundland and Labrador).</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Cobalt, PGMs and other precious metals.</I> The ore extracted from our Sudbury nickel operations yields
by-products, including cobalt, PGMs, silver and gold. These by-products are processed at our refining facilities in Port Colborne, Ontario.
We produce refined cobalt at our Long Harbour facilities in Newfoundland and Labrador. We also receive payments for silver and gold contained
in the copper concentrates produced at our Salobo operation and for gold contained in the copper concentrate produced at our Sossego operation,
both in Brazil.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><B>Results of Operations
for the Three-Month Period Ended March&nbsp;31, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">See our report on Form&nbsp;6-K
furnished to the SEC on June&nbsp;25, 2024, incorporated by reference in this prospectus supplement, and the other reports on Form&nbsp;6-K
listed under &#8220;<I>Incorporation of Certain Documents by Reference</I>,&#8221; for a discussion of our results of operations for the
three months period ended March 31, 2024 and recent material developments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><B>Liability Management Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in"><I>Tender Offer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Concurrently with this
offering, on June&nbsp;25, 2024, Vale Overseas announced the commencement of an offer to purchase for cash up to an aggregate principal
amount of US$500.0&nbsp;million of the outstanding (i)&nbsp;6.875% Guaranteed Notes due 2036 (CUSIP: 91911TAH6 / ISIN: US91911TAH68);
(ii)&nbsp;6.875% Guaranteed Notes due 2039 (CUSIP: 91911TAK9 / ISIN: US91911TAK97), and (iii)&nbsp;8.250% Guaranteed Notes due 2034 (CUSIP:
91911TAE3 / ISIN: US91911TAE38), each issued by Vale Overseas and guaranteed by Vale (collectively, the &#8220;Tender Offer Notes,&#8221;
and the offer to purchase the Tender Offer Notes, the &#8220;Tender Offer&#8221;), upon the terms and subject to the conditions set forth
in the Offer to Purchase, dated as of June&nbsp;25, 2024 (as it may be amended or supplemented from time to time, the &#8220;Offer to
Purchase&#8221;).</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">As of the date of this
prospectus supplement, there were approximately US$3,122.4&nbsp;million aggregate principal amount of Tender Offer Notes outstanding subject
to the Tender Offer. We intend to fund the Tender Offer using a portion of the proceeds of this offering. The Tender Offer will expire
at 5:00&nbsp;p.m., New York City time, on July&nbsp;24, 2024. Holders who validly tender, and who do not validly withdraw, their Tender
Offer Notes prior to the expiration of the Tender Offer and deliver the documentation detailed in the Offer to Purchase by the applicable
dates, and whose Tender Offer Notes are accepted by Vale Overseas, will receive total consideration for their Tender Offer Notes in the
amount set out in the Offer to Purchase. The Tender Offer is expected to settle on July&nbsp;26, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The Tender Offer is conditioned
upon the satisfaction or waiver of certain conditions as set forth in the Offer to Purchase. Vale Overseas reserves the right to amend,
extend, withdraw or terminate the Tender Offer in its sole discretion. There can be no assurance that the Tender Offer will be consummated
in accordance with the terms described in the Offer to Purchase, or at all, or that a significant principal amount of the Tender Offer
Notes will be tendered and accepted for purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">This offering is not conditioned
upon the successful consummation of the Tender Offer. The consummation of the Tender Offer is subject to the consummation of this offering
on terms that are satisfactory to Vale Overseas, in its sole discretion. Nothing contained in this prospectus supplement should be construed
as an offer to purchase or a solicitation of an offer to sell any of the Tender Offer Notes. The Tender Offer is being made only to the
recipients of the Offer to Purchase, pursuant to the terms and subject to the conditions set forth therein, as they may be amended or
supplemented from time to time at Vale Overseas&#8217; sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in"><I><U>2026 Notes Redemption</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">In addition, subject to
the completion of this offering, Vale Overseas intends to exercise its right to redeem all of the outstanding aggregate principal amount
of its 6.250% Guaranteed Notes due 2026 (CUSIP: 91911TAP8 / ISIN: US91911TAP84) (the &#8220;2026&nbsp;Notes&#8221; and the make-whole
redemption of the 2026&nbsp;Notes, the &#8220;2026&nbsp;Notes Redemption&#8221;). As of the date of this prospectus supplement, there
were approximately US$470.3&nbsp;million aggregate principal amount of 2026 Notes outstanding that are expected to be subject to the 2026
Notes Redemption.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 24.5pt"><I>The following summary
contains basic information about the notes and is not intended to be complete. It does not contain all the information that is important
to you. For a more complete understanding of the notes offered hereby, please refer to the section entitled &#8220;Description of the
Notes&#8221; in this prospectus supplement and the section entitled &#8220;Description of the Debt Securities&#8221; and &#8220;Description
of the Guarantees&#8221; in the accompanying prospectus. In this description of the offering, references to &#8220;Vale&#8221; mean Vale
S.A. only and do not include any of Vale&#8217;s subsidiaries, associated companies or joint ventures. References to the &#8220;amended
and restated indenture&#8221; are to the Amended and Restated Indenture dated as of August 4, 2021, among Vale Overseas, as issuer, Vale
S.A., as guarantor, and The Bank of New York Mellon, as trustee, as supplemented by a first supplemental indenture to be entered into
by those parties.</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; padding-top: 10pt; padding-bottom: 5pt; padding-left: 9pt; font: 10pt Times New Roman, Times, Serif; text-indent: -9pt">Issuer&#9;</TD>
    <TD STYLE="width: 69%; padding-top: 10pt; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">Vale Overseas Limited</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Guarantor&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; text-align: justify">Vale S.A.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Notes offered&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; text-align: justify">US$<FONT STYLE="font-size: 10pt">1,000,000,000 aggregate principal amount
of&nbsp;Vale Overseas&rsquo; 6.400% Guaranteed Notes due 2054</FONT><FONT STYLE="font-size: 9.5pt">.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Guaranty&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; text-align: justify">Vale will irrevocably and unconditionally guarantee the full and punctual payment of principal, premium, interest, additional amounts and all other amounts that may become due and payable in respect of the notes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Issue price&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; text-align: justify">99.235% of the principal amount plus accrued interest from June 28, 2024,
if settlement occurs after that date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Maturity date&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; padding-left: 19.2pt; text-align: justify; text-indent: -19.2pt">June 28, 2054.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Interest rate&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; text-align: justify">The notes will bear interest at the rate of 6.400% per annum, based upon a
360-day year consisting of twelve 30-day months.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Interest payment dates&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; text-align: justify">Interest on the notes will be payable semi-annually on June 28 and December 28 of
each year, beginning December 28, 2024.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Ranking of notes&#9;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; text-align: justify">The notes are general obligations of Vale Overseas and are not secured by any collateral.&nbsp;&nbsp;Your right to payment under these notes will be:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: 7.55pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>junior to the rights of secured creditors of Vale Overseas to the extent of their interest in Vale Overseas&#8217; assets; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: 7.55pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>equal with the rights of creditors under all of Vale Overseas&#8217; other unsecured and unsubordinated debt.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 5pt; padding-bottom: 5pt">Ranking of guaranty&#9;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0 5pt 3.2pt; text-align: justify; text-indent: 0in">The guaranty of the
    notes will be a general obligation of Vale and is not secured by any collateral. Your right to payment under the guaranty will be:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0 5pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>junior to the rights of secured creditors of Vale to the extent of their interest in Vale&#8217;s assets;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0 5pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>equal with the rights of creditors under all of Vale&#8217;s other unsecured and unsubordinated debt; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0 5pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT>effectively subordinated to the rights of any creditor of a subsidiary of Vale over the assets of such subsidiary.</P></TD></TR>
  </TABLE>

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Covenants&#9;</TD>
    <TD STYLE="width: 69%; padding-top: 5pt; padding-bottom: 5pt; text-align: justify">The amended and restated indenture governing the notes contains restrictive covenants that, among other things and subject to certain exceptions, limit Vale Overseas&#8217; ability to merge or transfer substantially all of its assets and Vale&#8217;s ability to merge or transfer substantially all of its mining properties or assets and to incur liens. &nbsp;For a more complete description of Vale and Vale Overseas&#8217; covenants, see &#8220;<I>Description of the Notes&#8212;Covenants</I>&#8221; in this prospectus supplement and &#8220;<I>Description of the Debt Securities&#8212;Certain Covenants</I>&#8221; in the accompanying prospectus.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Further issuances&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; text-align: justify">Vale Overseas reserves the right, from time to time, without the consent of the holders of the notes, to issue additional notes on terms and conditions identical to those of the notes, which additional notes shall increase the aggregate principal amount of, and shall be consolidated and form a single series with, the series of notes offered hereby; Vale Overseas may also issue other securities under the amended and restated indenture which have different terms and conditions from the notes.&nbsp;&nbsp;Likewise, Vale has the right, without the consent of the holders, to guarantee any such additional securities, to guarantee debt of its other subsidiaries and to issue its own debt.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Substitution of issuer&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; text-align: justify">Vale or any wholly owned subsidiary of Vale may replace Vale Overseas as issuer and principal debtor of the notes, without consent of the holders of the notes, as described under &#8220;<I>Description of the Notes&#8212;Substitution of Issuer</I>&#8221; in this prospectus supplement and &#8220;<I>Description of the Debt Securities&#8212;Certain Covenants&#8212; Substitution of Vale Overseas as issuer</I>&#8221; in the accompanying prospectus.&nbsp;&nbsp;Certain U.S.&nbsp;tax implications of these provisions to holders are described under &#8220;<I>Certain Tax Considerations&#8212;United States Tax Considerations&#8212;Substitution of Issuer</I>&#8221; below.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Payment of additional amounts&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; text-align: justify">Vale Overseas and Vale, as applicable, will pay additional amounts in respect of any payments under the notes so that the amount you receive after withholding tax of Brazil, the Cayman Islands or a successor jurisdiction, as applicable, will equal the amount that you would have received if no withholding tax had been applicable, subject to some exceptions as described under &#8220;<I>Description of the Debt Securities&#8212;Payment of Additional Amounts</I>&#8221; in the accompanying prospectus.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Optional redemption&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: justify">Prior to the par call date set forth below, Vale
    Overseas may redeem the notes at its option, in whole or in part, at any time and from time to time, at a redemption price equal to the
    greater of (i) 100% of the principal amount of the notes to be redeemed and (ii) a &#8220;make-whole&#8221; amount described under &#8220;<I>Description
    of the Notes&#8212;Optional Redemption</I>&#8221; in this prospectus supplement plus, in either case, accrued and unpaid interest on the
    principal amount of the notes to the redemption date. On or after the par call date, Vale Overseas may redeem the notes at its option,
    in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the notes being
    redeemed plus accrued and unpaid interest thereon to the redemption date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5pt 0; text-align: justify">The par call date is December 28, 2053 (the date that is six months prior to the stated maturity of the notes).</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Tax redemption&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; text-align: justify">If, due to changes in the laws of Brazil, the Cayman Islands or a successor jurisdiction, as applicable, relating to withholding taxes applicable to payments made on the notes, Vale Overseas or Vale (or their successors) is obligated to pay additional amounts on the notes in respect of Brazilian, Cayman Islands, or a successor jurisdiction withholding taxes (in the case of Vale or its successor, imposed at a rate in excess of 15%, and in the case of Vale Overseas or its successor, imposed at a rate in excess of 0%), Vale or Vale Overseas (or their successors), as applicable, may redeem the notes in whole, but not in part, at any time, at a price equal to 100% of their principal amount plus accrued interest to the redemption date.</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Use of proceeds&#9;</TD>
    <TD STYLE="width: 69%; padding-top: 5pt; padding-bottom: 5pt; text-align: justify">The net proceeds from this offering are expected to be approximately US$986.9 million, after estimated expenses and the underwriting discount.&nbsp;&nbsp;We intend to use the net proceeds of the offering to (i)&nbsp;fund the purchase price of the Tender Offer Notes accepted for purchase pursuant to the Tender Offer; (ii) fund the redemption price of the 2026 Notes pursuant to the 2026 Notes Redemption, and (iii) the remainder for general corporate purposes.&nbsp;&nbsp;See &#8220;<I>Use of Proceeds</I>.&#8221;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Expected Listing&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; text-align: justify">Application will be made to list the notes on the New York Stock Exchange. </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Form and denomination&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; text-align: justify">The notes will be issued only in registered form in minimum denominations of US$2,000 and integral multiples of US$1,000 in excess thereof.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Risk factors&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; text-align: justify">See &#8220;<I>Risk Factors</I>&#8221; and the other information included and incorporated by reference in this prospectus supplement and the accompanying prospectus for a discussion of the factors you should carefully consider before investing in the notes.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Governing law&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; text-align: justify">State of New York</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Trustee&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 0.25in; text-align: justify; text-indent: -0.25in">The Bank of New York Mellon</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">Registrar, transfer and paying agent&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; text-align: justify; text-indent: 0in">The Bank of New York Mellon</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">CUSIP&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; text-align: justify">91911T AS2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; padding-left: 9pt; text-indent: -9pt">ISIN&#9;</TD>
    <TD STYLE="padding-top: 5pt; padding-bottom: 5pt; text-align: justify">US91911TAS24</TD></TR>
  </TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_002"></A>RISK FACTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in"><I>The following are certain
risk factors relating to the notes and risks relating to our business. The risks relating to our business are more fully set forth in
our annual report on Form&nbsp;20-F for the year ended December 31, 2023, which is incorporated by reference in this prospectus supplement.
You should carefully consider those risks and the risks described below, as well as the other information included or incorporated by
reference in this prospectus supplement or the accompanying prospectus, before making a decision to invest in the notes. For the purposes
of this section on Risk Factors, references to &#8220;Vale&#8221; mean Vale S.A. only and do not include any of Vale&#8217;s subsidiaries,
associates, or joint ventures.</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Risks Relating to the Notes</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Vale&#8217;s subsidiaries, associated companies and
joint ventures are not obligated under the notes or the guaranty, and these companies&#8217; obligations to their own creditors will effectively
rank ahead of Vale&#8217;s obligations under the guaranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas is the obligor
under the notes and only its parent company, Vale, is obligated under the guaranty of the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas has no operations
or assets, other than holding unsecured obligations from other Vale subsidiaries to repay loans. These other subsidiaries are not liable
under the notes or the guaranty, and they may not have the ability to repay their loans from Vale Overseas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale conducts a significant
amount of business through subsidiaries, associated companies and joint ventures, none of which are obligated under the notes or the guaranty.
For the three-month period ended March 31, 2024, the subsidiaries were responsible for 87.8% of Vale&#8217;s consolidated revenues from
operations and US$205.2&nbsp;million, or 5.7%, of Vale&#8217;s consolidated net cash flows from operating activities. The claims of any
creditor of a subsidiary, associated company or joint venture of Vale would rank ahead of Vale&#8217;s ability to receive dividends and
other cash flows from these companies. As a result, claims of these creditors would rank ahead of Vale&#8217;s ability to access cash
from these companies in order to satisfy its obligations under the guaranty. In addition, these subsidiaries, associated companies and
joint ventures may be restricted by their own loan agreements, governing instruments and other contracts from distributing cash to Vale
to enable Vale to perform its obligations under its guaranty. As of March&nbsp;31, 2024, 23.6% of Vale&#8217;s consolidated debt was owed
by consolidated subsidiaries of Vale, other than Vale Overseas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The amended and restated
indenture governing the notes contains restrictions on the conduct of business by Vale Overseas and Vale, including limits on Vale&#8217;s
ability to grant liens over its assets for the benefit of other creditors and Vale and Vale Overseas&#8217; ability to merge or transfer
assets. These restrictions do not apply to Vale&#8217;s other subsidiaries, associated companies and joint ventures, and these companies
are not limited by the amended and restated indenture in their ability to pledge their assets to other creditors.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Changes in our credit ratings may adversely affect the
value of the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The notes are expected
to be rated by credit rating agencies. Such ratings are limited in scope, and do not address all material risks relating to an investment
in the notes, but rather reflect only the view of each rating agency at the time the rating is issued. An explanation of the significance
of such rating may be obtained from such rating agency. There can be no assurance that such credit ratings will remain in effect for any
given period of time or that such ratings will not be lowered, suspended or withdrawn entirely by the rating agencies, if, in each rating
agency&#8217;s judgment, circumstances so warrant. Actual or anticipated changes or downgrades in our credit ratings, including any announcement
that our ratings are under further review for a downgrade, could affect the market value of the notes and increase our corporate borrowing
costs.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">There may not be a liquid trading market for the notes.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-style: normal; font-weight: normal">The
notes are an issuance of new securities with no established trading market. There can be no assurance that a liquid trading market for
the notes will develop or, if one develops, that it will be maintained. If an active market for the notes does not develop, the price
of the notes and the ability of a holder of notes to find a ready buyer will be adversely affected. </FONT></P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">We may not be able to make payments in U.S.&nbsp;dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">In the past, the Brazilian
economy has experienced balance of payment deficits and shortages in foreign exchange reserves, and the government has responded by restricting
the ability of Brazilian or foreign persons or entities to convert Brazilian <I>reais </I>into foreign currencies generally, and U.S.&nbsp;dollars
in particular. The government may institute a restrictive exchange control policy in the future. Any restrictive exchange control policy
could prevent or restrict our access to U.S.&nbsp;dollars, and consequently our ability to meet our U.S.&nbsp;dollar obligations and could
also have a material adverse effect on our business, financial condition and results of operations. We cannot predict the impact of any
such measures on the Brazilian economy.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">The substitution of Vale Overseas as issuer of the notes
may cause noteholders to realize taxable gain or loss for U.S.&nbsp;tax purposes, if any, on the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">We will have the right
to cause Vale or any wholly owned subsidiary of Vale to replace Vale Overseas as issuer and principal debtor of the notes, as described
under &#8220;<I>Description of the Notes&#8212;Substitution of Issuer</I>&#8221; in this prospectus supplement and &#8220;<I>Description
of the Debt Securities&#8212;Certain Covenants&#8212; Substitution of Vale Overseas as issuer</I>&#8221; in the accompanying prospectus.
Under U.S.&nbsp;tax law, the change in the issuer of the notes under these provisions could be treated as a disposition of any such notes
that you hold, resulting in your realization of gain or loss, if any, on our debt securities even though you continue to hold the notes
and receive no distribution in connection with the deemed disposition. See &#8220;<I>Certain Tax Considerations&#8212;United States Tax
Considerations&#8212;Substitution of Issuer</I>&#8221; for a discussion of possible tax consequences.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">We may incur additional obligations ranking equal to
the notes and the guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The amended and restated
indenture will permit us and our subsidiaries to incur additional obligations, including debt, guarantees and other obligations that rank
on an equal and ratable basis with our guarantee of the notes. If we incur additional obligations that rank on an equal and ratable basis
with our guarantee of the notes, the beneficiaries of those obligations would be entitled to share ratably with the holders of the notes
in any proceeds that may be distributed upon our insolvency, liquidation, reorganization, dissolution or other winding up. This would
likely reduce the amount of any liquidation proceeds that would be available to be paid to you.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Vale&#8217;s obligations under the guarantee are also
subordinated to certain statutory preferences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Under Brazilian law, a
guarantor&#8217;s obligations under its guarantee are also subordinated to certain statutory preferences. In the event of the liquidation,
bankruptcy or judicial reorganization of a guarantor, such statutory preferences, including post-petition claims, claims for salaries,
wages, social security, taxes and court fees and expenses and claims secured by collateral, among others, will have preference over any
other claims, including claims by any investor in respect of the guarantee. In such a scenario, enforcement of the guarantee may be unsuccessful,
and noteholders may be unable to collect amounts that they are due under the notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Brazilian bankruptcy and insolvency laws may be less
favorable to investors than bankruptcy and insolvency laws in other jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">If we are unable to pay
our indebtedness, including our obligations under the guarantee, we may become subject to bankruptcy proceedings in Brazil. The bankruptcy
laws of Brazil currently in effect are significantly different from, and may be less favorable to creditors than, those of certain other
jurisdictions. For example, noteholders may have limited voting rights at creditors&#8217; meetings in the context of a Brazilian court
reorganization proceeding. In addition, any judgment obtained against us in Brazilian courts in respect of any payment obligations under
the guarantee normally would be expressed in the <I>real</I> equivalent of the U.S.&nbsp;dollar amount of such sum at the exchange rate
in effect on the date (1)&nbsp;of actual payment or (2)&nbsp;on which such judgment is rendered. In the event of our bankruptcy, all of
our debt obligations, including the guarantee of the notes, which are denominated in foreign currency, will be converted into Brazilian
<I>reais </I>at the prevailing exchange rate on the date of declaration of our bankruptcy by the court. We cannot assure investors that
such rate of exchange will afford full compensation of the amount invested in the notes plus accrued interest.</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Noteholders may not be able to collect payments or attach
assets as expeditiously as creditors of Vale holding certain negotiable instruments or other instruments that are considered &#8220;<FONT STYLE="font-style: normal">t&iacute;tulos
executivos extrajudiciais</FONT>&#8221; under Brazilian law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Creditors of Vale may
hold negotiable instruments or other instruments that are considered &#8220;<I>t&iacute;tulos executivos extrajudiciais</I>&#8221; under
Brazilian law, which instruments grant rights to special and expedited judicial proceedings for collection of payment. Such rights may
include rights to attach assets of Vale at the inception of judicial proceedings in Brazil. If such other creditors obtain judicial attachment
of assets, their claims would be senior to the rights of holders of the notes.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Developments in other countries may affect prices for
the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The market for securities
issued by Brazilian companies is influenced by economic and market conditions in Brazil, and, to varying degrees, market conditions in
other countries, including Latin American and developing countries. Although economic conditions are different in each country, the reaction
of investors to developments in one country may cause the capital markets in other countries to fluctuate. Developments or conditions
in other countries, including developing countries, have at times significantly affected the availability of credit in the Brazilian economy
and resulted in considerable outflows of funds and declines in the amount of foreign currency invested in Brazil, as well as limited access
to international capital markets, all of which may materially adversely affect our ability to borrow funds at an acceptable interest rate
or to raise equity capital when and if there should be a need for us to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The volatility in market
prices for Brazilian securities, including debt securities such as the notes, has increased from time to time, and investors&#8217; perception
of increased risk due to crises in other countries, including developing countries, may also lead to a reduction in the market price of
the notes.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_003"></A>USE OF PROCEEDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The proceeds to us from
this offering are expected to be approximately US$986.9 million,
after estimated expenses and the underwriting discount. We intend to use the net proceeds of this offering to (i)&nbsp;fund the purchase
price of the Tender Offer Notes accepted for purchase pursuant to the Tender Offer; (ii)&nbsp;fund the redemption price of the 2026&nbsp;Notes
pursuant to the 2026&nbsp;Notes Redemption, and (iii) for general corporate purposes. See &#8220;<I>Summary&#8212;Recent Developments&#8212;Liability
Management Transactions</I>.&#8221;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_004"></A>CAPITALIZATION OF VALE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The table below sets forth
Vale&#8217;s consolidated capitalization as of March&nbsp;31, 2024 (i)&nbsp;on an actual basis and (ii)&nbsp;as adjusted to give effect
to the issuance of the notes offered hereby (including the underwriting discount indicated on the cover page of this prospectus supplement)
and the use of proceeds thereof to purchase US$500.0&nbsp;million in aggregate principal amount of the Tender Notes pursuant to the terms
and subject to the conditions set forth in the Offer to Purchase and approximately US$470.3&nbsp;million to redeem all of the outstanding
aggregate principal amount of the 2026&nbsp;Notes pursuant to the 2026&nbsp;Notes Redemption. The exact amount of the Tender Offer Notes
actually purchased in the Tender Offer is subject to the actual number of Tender Offer Notes tendered and accepted for purchase in the
Tender Offer. See &#8220;<I>Use of Proceeds</I>.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">You should read this table
together with our consolidated financial statements and the notes thereto incorporated by reference in this prospectus supplement and
the accompanying prospectus.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 10pt; padding-left: 18.7pt; text-indent: -18.7pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center; border-bottom: Black 0.5pt solid"><B>As of March
    31, 2024</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; padding-right: 5.75pt; padding-left: 18.7pt; text-indent: -18.7pt"><FONT STYLE="font-size: 9pt">US$&nbsp;million</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Actual</B></P></TD>
    <TD STYLE="width: 16%; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>As adjusted<SUP>(1)</SUP></B></P></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 37.4pt; text-indent: 18.7pt">Loans and borrowings included in current liabilities&#9;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1,286</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1,286</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 37.4pt; text-indent: 18.7pt">Loans and borrowings included in non-current liabilities&#9;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">11,962</P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">11,982</P></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 37.4pt; text-indent: 34.6pt">Total debt&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">13,248</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">13,268</P></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 18.7pt; text-indent: -18.7pt">Shareholders&#8217; equity:</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 45pt; text-indent: -9pt">Share capital&#8212; 7,000,000,000 shares authorized and 4,539,007,580 issued&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">61,614</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">61,614</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 54.7pt; text-indent: -18.7pt">Treasury shares&#8212; 258,676,398 common shares&#9;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">(3,777)</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">(3,777)</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 54.7pt; text-indent: -18.7pt">Capital reserve&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1,139</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1,139</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 54.7pt; text-indent: -18.7pt">Profit reserves&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">18,907</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">18,907</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 54.7pt; text-indent: -18.7pt">Other reserves&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">(1,730)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">(1,730)</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 54.7pt; text-indent: -18.7pt">Retained earnings&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1,679</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">1,679</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 54.7pt; text-indent: -18.7pt">Cumulative translation adjustments&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">(40,345)</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">(40,345)</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 37.4pt; text-indent: 18.7pt">Equity attributable to Vale&#8217;s shareholders&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">37,487</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right">37,487</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 37.4pt; text-indent: 18.7pt">Equity attributable to non-controlling interests&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">1,526</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">1,526</P></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-left: 37.4pt; text-indent: 33.65pt">Total shareholders&#8217; equity&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">39,013</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">39,013</P></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.75pt; padding-left: 18.7pt; text-indent: -18.7pt">Total capitalization (total shareholders&#8217; equity plus total debt included in current and non-current liabilities)&#9;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 7.8pt; border-bottom: Black 1.5pt double">52,261</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-left: 5.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 7.8pt; border-bottom: Black 1.5pt double">52,281</P>
</TD></TR>
  </TABLE>
<P STYLE="font: 9pt/95% Times New Roman, Times, Serif; margin: 0pt">___________________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-weight: normal">(1)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-weight: normal">Numbers in the &#8220;As adjusted&#8221; column are adjusted to reflect
the issuance of the notes offered hereby (including the underwriting discount indicated on the cover page of this prospectus supplement)
and the use of proceeds thereof to purchase US$500.0&nbsp;million in aggregate principal amount of Tender Offer Notes pursuant to the
Tender Offer and to redeem approximately US$470.3 million aggregate principal amount outstanding of the 2026&nbsp;Notes pursuant to the
2026&nbsp;Notes Redemption.</FONT></TD></TR></TABLE>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_005"></A>DESCRIPTION OF THE NOTES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in"><I>The following description
of the particular terms of the notes supplements the description of the general terms set forth in the accompanying prospectus under the
headings &#8220;Description of the Debt Securities&#8221; and &#8220;Description of the Guarantees.&#8221; It is important for you to
consider the information contained in the accompanying prospectus and this prospectus supplement before making a decision to invest in
the notes. If any specific information regarding the notes in this prospectus supplement is inconsistent with the more general terms of
the notes described in the accompanying prospectus, you should rely on the information contained in this prospectus supplement. In this
description and in the related sections entitled &#8220;Description of the Debt Securities&#8221; and &#8220;Description of the Guarantees&#8221;
in the accompanying prospectus, references to &#8220;Vale&#8221; mean Vale S.A. only and do not include Vale Overseas or any of Vale&#8217;s
other subsidiaries or associated companies.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas will issue
the notes under the amended and restated indenture among Vale Overseas, as issuer, Vale, as guarantor, and The Bank of New York Mellon,
as trustee, registrar, paying agent and transfer agent, dated as of August 4, 2021, as supplemented by a second supplemental indenture
dated on or about the delivery date of the notes, between Vale Overseas, as issuer, Vale, as guarantor, and The Bank of New York Mellon,
as trustee, registrar, paying agent and transfer agent. The notes will be issued only in fully registered form without coupons in minimum
denominations of US$2,000 and integral multiples of US$1,000 in excess thereof. The notes will be unsecured and will rank equally with
all of Vale Overseas&#8217; other existing and future unsecured and unsubordinated debt.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Principal and Interest</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The 6.400% Guaranteed
Notes due 2054 will be issued in an initial aggregate principal amount of US$1,000,000,000. The notes will mature on June 28, 2054. The
notes will bear interest at 6.400% per annum from June 28, 2024. Interest on the notes will be payable semi-annually on June 28 and December
28 of each year, beginning on December 28, 2024, to the holders in whose names the notes are registered at the close of business on June
13 or December 13 immediately preceding the related interest payment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas will pay
interest on the notes on the interest payment dates stated above and at maturity. Each payment of interest due on an interest payment
date or at maturity will include interest accrued from and including the last date to which interest has been paid or made available for
payment, or from the issue date, if none has been paid or made available for payment, to but excluding the relevant payment date. Vale
Overseas will compute interest on the notes on the basis of a 360-day year of twelve 30-day months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">If any payment is due
on the notes on a day that is not a business day, Vale Overseas will make the payment on the day that is the next business day. Payments
postponed to the next business day in this situation will be treated under the amended and restated indenture as if they were made on
the original due date. Postponement of this kind will not result in a default under the notes or the amended and restated indenture, and
no interest will accrue on the postponed amount from the original due date to the next day that is a business day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Business day means each
Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York City or Rio de Janeiro are
authorized or obligated by law or executive order to close.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale will irrevocably
and unconditionally guarantee the full and punctual payment of principal, premium, interest, additional amounts, if any, and all other
amounts that may become due and payable in respect of the notes. If Vale Overseas fails to punctually pay any such amount, Vale will immediately
pay the amount that is required to be paid and has not been paid. The guaranty will be unsecured and will rank equally with all of Vale&#8217;s
other existing and future unsecured and unsubordinated debt. Please refer to the section entitled &#8220;<I>Description of the Guarantees</I>&#8221;
in the accompanying prospectus.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Payment of Additional Amounts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Subject to the limitations
and exceptions described in &#8220;<I>Description of the Debt Securities&#8212;Payment of Additional Amounts</I>&#8221; in the accompanying
prospectus, Vale Overseas and Vale, as applicable, will pay such additional amounts as may be necessary to ensure that the net amounts
receivable by holders after withholding or deduction for taxes will equal the respective amounts of principal, premium and interest that
would have been receivable in the absence of such withholding or deduction. See &#8220;<I>Description of the Debt Securities&#8212;Payment
of Additional Amounts</I>&#8221; in the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Upon request, Vale Overseas
or Vale, as the case may be, shall promptly provide the trustee with documentation (which may consist of certified copies of such documentation)
evidencing the payment of any taxes in respect of which Vale Overseas or Vale has paid any additional amounts. Copies of such documentation
shall be made available to the holders of the notes or the paying agent, as applicable, upon request therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas or Vale,
as the case may be, shall pay all stamp, issue, registration, documentary or other similar duties, if any, which may be imposed by the
Cayman Islands, Brazil or a successor jurisdiction, or any governmental entity or political subdivision therein or thereof, or any taxing
authority of or in any of the foregoing with respect to the amended and restated indenture or the issuance of the notes or the guaranty.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Optional Redemption</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">We will not be permitted
to redeem the notes before their stated maturity, except as set forth below. The notes will not be entitled to the benefit of any sinking
fund, meaning that we will not deposit money on a regular basis into any separate account to repay your notes. In addition, you will not
be entitled to require us to repurchase your notes from you before the stated maturity.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><I>Optional Redemption with &#8220;Make-Whole&#8221; Amount
or at Par</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Prior to December
28, 2053 (six months prior to their maturity date) (the &#8220;Par Call Date&#8221;), Vale Overseas may redeem the notes at its
option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount
and rounded to three decimal places) equal to the greater of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0 0.25in; text-align: justify; text-indent: 0in">(1) (a) the sum of
the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the
notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate plus 35 basis points less (b) interest accrued to the date of redemption, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0 0.25in; text-align: justify; text-indent: 0in">(2) 100% of the principal
amount of the notes to be redeemed,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><I>plus</I>, in either case,
accrued and unpaid interest thereon to the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">On or after the Par Call
Date, Vale Overseas may redeem the notes at its option, in whole or in part, at any time and from time to time, at a redemption price
equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">&#8220;Treasury Rate&#8221;
means, with respect to any redemption date, the yield determined by Vale Overseas in accordance with the following two paragraphs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The Treasury Rate shall
be determined by Vale Overseas after 4:15 p.m., New York City time (or after such time as yields on U.S.&nbsp;government securities are
posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon
the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by
the Board of Governors of the Federal Reserve System designated as &#8220;Selected Interest Rates (Daily) - H.15&#8221; (or any successor
designation or publication) (&#8220;H.15&#8221;) under the caption &#8220;U.S.&nbsp;government securities&#8212;Treasury constant maturities&#8212;Nominal&#8221;
(or any successor caption or heading) (&#8220;H.15&nbsp;TCM&#8221;). In determining the Treasury Rate, Vale Overseas shall select, as
applicable: (1)&nbsp;the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the
Par Call Date (the &#8220;Remaining Life&#8221;); or (2)&nbsp;if there is no such Treasury constant maturity on H.15 exactly equal to
the Remaining Life, the two yields &#8212; one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding
to the Treasury constant maturity on H.15 immediately longer than the Remaining Life &#8212; and shall interpolate to the Par Call Date
on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or&nbsp;(3)
if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury
constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or
maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury
constant maturity from the redemption date.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">If on the third business
day preceding the redemption date H.15&nbsp;TCM is no longer published, Vale Overseas shall calculate the Treasury Rate based on the rate
per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding
such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as
applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury
securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with
a maturity date following the Par Call Date, Vale Overseas shall select the United States Treasury security with a maturity date preceding
the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States
Treasury securities meeting the criteria of the preceding sentence, Vale Overseas shall select from among these two or more United States
Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices
for such United States Treasury securities at 11:00&nbsp;a.m., New York City time. In determining the Treasury Rate in accordance with
the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the
average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00&nbsp;a.m., New York City time, of such United
States Treasury security, and rounded to three decimal places.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas&#8217; actions
and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Notice of any redemption
will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary&#8217;s procedures) at least 10
days but not more than 60 days before the redemption date to each holder of notes to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">In the case of a partial
redemption, selection of the notes for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion
deems appropriate and fair. No notes of a principal amount of US$2,000 or less will be redeemed in part. If any note is to be redeemed
in part only, the notice of redemption that relates to the note will state the portion of the principal amount of the note to be redeemed.
A new note in a principal amount equal to the unredeemed portion of the note will be issued in the name of the holder of the note upon
surrender for cancellation of the original note. For so long as the notes are held by DTC (or another depositary), the redemption of the
notes shall be done in accordance with the policies and procedures of the depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Unless Vale Overseas defaults
in payment of the redemption price, on and after the redemption date interest will cease to accrue on the notes or portions thereof called
for redemption.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><B>Optional Tax Redemption</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The notes are redeemable
prior to maturity, upon the occurrence of certain changes in or amendments to the tax laws (or any rules or regulations thereunder) of
Brazil, the Cayman Islands or a successor jurisdiction, or changes in the official interpretation, administration or application of such
laws, rules or regulations, as a result of which Vale Overseas or Vale (or their successors) becomes obligated to pay additional amounts
on the notes in respect of Brazilian, Cayman Islands, or a successor jurisdiction withholding taxes (in the case of Vale or its successor,
imposed at a rate in excess of 15%, and in the case of Vale Overseas or its successor, imposed at a rate in excess of 0%), in which case
Vale or Vale Overseas (or their successors), as applicable, may redeem the notes in whole but not in part at a redemption price equal
to 100% of the principal amount of the notes plus accrued interest to the redemption date; <I>provided</I>, however, that the preceding
only applies in the case of any successor jurisdiction where such change in tax law occurs on or after the date the successor corporation
is incorporated in or considered to be a resident of such successor jurisdiction. See &#8220;<I>Description of the Debt Securities&#8212;Optional
Tax Redemption</I>&#8221; in the accompanying prospectus.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Holders of the notes will
benefit from certain covenants contained in the amended and restated indenture and affecting the ability of Vale to incur liens, and the
ability of Vale Overseas and Vale to take other specified actions, such as merge with other entities. You should read the information
under the heading &#8220;<I>Description of the Debt Securities&#8212;Certain Covenants</I>&#8221; in the accompanying prospectus.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Events of Default</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Holders of the notes will
have special rights if an event of default occurs. You should read the information under the heading &#8220;<I>Description of the Debt
Securities&#8212;Events of Default</I>&#8221; in the accompanying prospectus along with the descriptions below that supersede the corresponding
information in the accompanying prospectus.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Further Issuances</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas reserves
the right to issue, from time to time, without the consent of the holders of the notes, additional notes on terms and conditions identical
to those of the notes, which additional notes shall increase the aggregate principal amount of, and shall be consolidated and form a single
series with, the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas may also
issue other securities under the amended and restated indenture that have different terms from the notes. Likewise, Vale has the right,
without the consent of the holders, to guarantee any such additional securities, to guarantee debt of its other subsidiaries and to issue
its own debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0in"><B>Substitution of Issuer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale or any wholly owned
subsidiary of Vale may replace Vale Overseas as issuer and principal debtor of the notes, without consent of the holders of the notes,
as described under &#8220;<I>Description of the Debt Securities&#8212;Certain Covenants&#8212; Substitution of Vale Overseas as issuer</I>&#8221;
in the accompanying prospectus. Certain U.S.&nbsp;tax implications of these provisions to holders are described under &#8220;<I>Certain
Tax Considerations&#8212;United States Tax Considerations&#8212; Substitution of Issuer</I>&#8221; below.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Defeasance and Discharge</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Full defeasance and discharge
and covenant defeasance and discharge, as described in the accompanying prospectus, will apply to the notes. See &#8220;<I>Description
of the Debt Securities&#8212;Defeasance and Discharge</I>&#8221; in the accompanying prospectus.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Governing Law</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The amended and restated
indenture and the notes will provide that they shall be governed by the laws of the State of New York.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Transfer Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas may appoint
one or more financial institutions to act as its transfer agents, at whose designated offices the notes in certificated form must be surrendered
before payment is made at their maturity. Each of those offices is referred to as a transfer agent. The initial transfer agent is the
trustee, at its corporate trust office. Vale Overseas may add, replace or terminate transfer agents from time to time, provided that if
any notes are issued in certificated form, so long as such notes are outstanding, Vale Overseas will maintain a transfer agent in New
York City. Vale Overseas must notify you of changes in the transfer agents pursuant to the provisions described under &#8220;<I>Description
of the Debt Securities&#8212;Notices</I>&#8221; in the accompanying prospectus. If Vale Overseas issues notes in certificated form, holders
of notes in certificated form will be able to transfer their notes, in whole or in part, by surrendering the notes, with a duly completed
form of transfer, for registration of transfer at the office of the transfer agent. Vale Overseas will not charge any fee for the registration
for transfer or exchange, except that Vale Overseas may require the payment of a sum sufficient to cover any applicable tax or other governmental
charge payable in connection with the transfer.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Book-Entry Ownership, Denomination and Transfer Procedures
for the Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The following description
of the operations and procedures of DTC, Euroclear and Clearstream, Luxembourg supplements the description contained under the heading
&#8220;<I>Legal Ownership of Debt Securities</I>&#8221; in the accompanying prospectus and is provided to you solely as a matter of convenience.
You should read this section in conjunction with the information provided in the accompanying prospectus. These operations and procedures
are solely within the control of the respective settlement systems and are subject to change from time to time. Vale Overseas and Vale
take no responsibility for these operations and procedures and urge you to contact the systems or their participants directly to discuss
these matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas and the
trustee will make an application to DTC for acceptance in its book-entry settlement system of the notes, which will be in global form.
The notes will be deposited with The Bank of New York Mellon, as custodian. The custodian and DTC will electronically record the principal
amount of the notes held within the DTC system. Investors may hold such interests directly through DTC if they are participants in such
system, or indirectly through organizations that are participants in DTC, such as Euroclear and Clearstream, Luxembourg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Ownership of beneficial
interests in the notes will be limited to persons who have accounts with DTC, whom we refer to as DTC participants, or persons who hold
interests through DTC participants. We expect that under procedures established by DTC:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">upon deposit of the notes with DTC&#8217;s custodian, DTC will credit portions of the principal amount
of the notes to the accounts of the DTC participants designated by the underwriters, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">ownership of beneficial interests in the notes will be shown on, and transfer of ownership of those interests
will be effected only through records maintained by DTC (with respect to interests of DTC participants) and the records of DTC participants
(with respect to other owners of beneficial interests in the notes).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">As long as DTC or its
nominee is the registered holder of the notes, DTC or its nominee will be considered the sole owner and holder of the notes for all purposes
under the amended and restated indenture and the notes. Except as described above, if you hold a book-entry interest in the notes in global
form, you:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will not have notes registered in your name,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will not receive physical delivery of notes in certificated form, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will not be considered the registered owner or holder of an interest in the notes under the amended and
restated indenture or the notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">As a result, each investor
who owns a beneficial interest in the notes must rely on the procedures of DTC to exercise any rights of a holder under the amended and
restated indenture (and, if the investor is not a participant or an indirect participant in DTC, on the procedures of the DTC participant
through which the investor owns its interest).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Payments of the principal
of, and interest on, the notes registered in the name of DTC&#8217;s nominee will be to the order of its nominee as the registered owner
of such notes. It is expected that the nominee, upon receipt of any such payment, will credit DTC participants&#8217; accounts with payments
in amounts proportionate to their respective beneficial interests in the principal amount of the notes as shown on the records of DTC
or the nominee. Vale Overseas also expects that payments by DTC participants to owners of beneficial interests in the notes held through
such DTC participants will be governed by standing instructions and customary practices, as is now the case with securities held for the
accounts of customers registered in the names of nominees for such customers. Such payments will be the responsibility of such DTC participants.
Neither Vale Overseas, the trustee nor any agent of the trustee will have any responsibility or liability for any aspect of the records
relating to or payments made on account of ownership interests in the notes or for maintaining, supervising or reviewing any records relating
to such ownership interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Because DTC or its nominee
will be the only registered owner of the notes, Euroclear and Clearstream, Luxembourg will hold positions through their respective U.S.&nbsp;depositaries,
which in turn will hold positions on the books of&nbsp;DTC.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Cross-market transfers
between DTC, on the one hand, and directly or indirectly through Euroclear or Clearstream, Luxembourg accountholders, on the other, will
be effected through DTC in accordance with DTC rules on behalf of Euroclear or Clearstream, Luxembourg, as the case may be, by their respective
U.S.&nbsp;depositaries. However, such cross-market transactions will require delivery of instructions to Euroclear or Clearstream, Luxembourg,
as the case may be, by the counterparty in such system in accordance with its rules and procedures and within its established deadlines.
Euroclear or Clearstream, Luxembourg, as the case may be, will, if the transaction meets its settlement requirements, deliver instructions
to its respective U.S.&nbsp;depositary to take action to effect final settlement on its behalf by delivering or receiving beneficial interests
in the notes to or from DTC, and making or receiving payment in accordance with normal procedures for same-day funds settlement applicable
to DTC. Euroclear and Clearstream, Luxembourg accountholders may not deliver instructions directly to the U.S.&nbsp;depositaries for Euroclear
or Clearstream, Luxembourg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">On or after the settlement
date, transfers between accountholders in Euroclear and Clearstream, Luxembourg and transfers between participants in DTC will generally
have a settlement date three business days after the trade date (T+3). The customary arrangements for delivery versus payment will apply
to such transfers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Cross-market transfers
between accountholders in Euroclear or Clearstream, Luxembourg and DTC participants will need to have an agreed settlement date between
the parties to such transfer. However, as a result of time-zone differences, securities received in Euroclear or Clearstream, Luxembourg
as a result of a transaction with a DTC participant will be credited to the relevant account at Euroclear or Clearstream, Luxembourg during
the securities settlement processing day that is the fourth business day (T+4) following the DTC settlement date. Similarly, cash received
in Euroclear or Clearstream, Luxembourg as a result of a sale of securities by or through a Euroclear or Clearstream, Luxembourg accountholder
to a DTC participant will be available in the relevant Euroclear or Clearstream, Luxembourg cash account only on the fourth business day
(T+4) following the DTC settlement date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">DTC has advised us that
it will take any action permitted to be taken by a holder of notes (including, without limitation, the presentation of notes for exchange
as described above) only at the direction of one or more participants in whose account with DTC interests in notes are credited and only
in respect of such portion of the aggregate principal amount of the notes as to which such participant or participants has or have given
such direction. However, in the circumstances described below, DTC will surrender the notes for exchange for individual definitive notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">DTC has advised us as
follows: DTC is a limited purpose trust company organized under the laws of the State of New York, a &#8220;banking organization&#8221;
under the laws of the State of New York, a member of the U.S.&nbsp;Federal Reserve System, a &#8220;clearing corporation&#8221; within
the meaning of the New York Uniform Commercial Code and a &#8220;clearing agency&#8221; registered pursuant to the provisions of Section&nbsp;17A
of the Securities Exchange Act of 1934. DTC was created to hold securities for its participants and facilitate the clearance and settlement
of securities transactions between participants through electronic computerized book-entry changes in accounts of its participants, thereby
eliminating the need for physical movement of certificates. Direct participants include securities brokers and dealers, banks, trust companies,
clearing corporations and certain other organizations. Indirect access to DTC is available to others, such as banks, securities brokers,
dealers and trust companies, that clear through or maintain a custodial relationship with a DTC direct participant, either directly or
indirectly.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Clearstream, Luxembourg</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Clearstream, Luxembourg
was incorporated as a limited liability company under Luxembourg law. Clearstream, Luxembourg holds securities for its customers and facilitates
the clearance and settlement of securities transactions between Clearstream, Luxembourg customers through electronic book-entry changes
in accounts of Clearstream, Luxembourg customers, thus eliminating the need for physical movement of certificates. Clearstream, Luxembourg
provides to its customers, among other things, services for safekeeping, administration, clearance and settlement of internationally traded
securities and securities lending and borrowing. Clearstream, Luxembourg interfaces with domestic markets in a number of countries. Clearstream,
Luxembourg has established an electronic bridge with Euroclear Bank S.A./N.V., the operator of the Euroclear System, to facilitate settlement
of trades between Euroclear and Clearstream, Luxembourg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">As a registered bank in
Luxembourg, Clearstream, Luxembourg is subject to regulation by the Luxembourg Commission for the Supervision of the Financial Sector.
Clearstream, Luxembourg customers are recognized financial institutions around the world, including underwriters, securities brokers and
dealers, banks, trust companies and clearing corporations. In the United States,
Clearstream, Luxembourg customers are limited to securities brokers and dealers and banks. Clearstream, Luxembourg customers may include
the underwriters. Other institutions that maintain a custodial relationship with a Clearstream, Luxembourg customer may obtain indirect
access to Clearstream, Luxembourg. Clearstream, Luxembourg is an indirect participant in DTC.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Distribution with respect
to the notes held beneficially through Clearstream, Luxembourg will be credited to cash accounts of Clearstream, Luxembourg customers
in accordance with its rules and procedures, to the extent received by Clearstream, Luxembourg.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">The Euroclear System</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The Euroclear System was
created in 1968 to hold securities for participants of the Euroclear System and to clear and settle transactions between Euroclear participants
through simultaneous electronic book-entry delivery against payment, thus eliminating the need for physical movement of certificates and
risk from lack of simultaneous transfers of securities and cash. Transactions may now be settled in many currencies, including United
States dollars and Euros. The Euroclear System provides various other services, including securities lending and borrowing and interfaces
with domestic markets in several countries in a manner generally similar to the arrangements for cross-market transfers with DTC described
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The Euroclear System is
operated by Euroclear Bank S.A./N.V. (the &#8220;Euroclear Operator&#8221;), under contract with Euroclear Clearance System, S.C., a Belgian
cooperative corporation (the &#8220;Cooperative&#8221;). The Euroclear Operator conducts all operations, and all Euroclear securities
clearance accounts and Euroclear cash accounts are accounts with the Euroclear Operator, not the Cooperative. The Cooperative establishes
policy for the Euroclear system on behalf of Euroclear participants. Euroclear participants include banks (including central banks), securities
brokers and dealers and other professional financial intermediaries and may include the underwriters. Indirect access to the Euroclear
System is also available to other firms that clear through or maintain a custodial relationship with a Euroclear participant, either directly
or indirectly. Euroclear is an indirect participant in DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The Terms and Conditions
Governing Use of Euroclear and the related Operating Procedures of the Euroclear System and applicable Belgian law govern securities clearance
accounts and cash accounts with the Euroclear Operator. Specifically, these terms and conditions govern:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">transfers of securities and cash within the Euroclear System;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">withdrawal of securities and cash from the Euroclear System; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">receipts of payments with respect to securities in the Euroclear System.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">All securities in the
Euroclear System are held on a fungible basis without attribution of specific certificates to specific securities clearance accounts.
The Euroclear Operator acts under the Terms and Conditions only on behalf of Euroclear participants and has no record of or relationship
with persons holding securities through Euroclear participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Distributions with respect
to notes held beneficially through Euroclear will be credited to the cash accounts of Euroclear participants in accordance with the Euroclear
Terms and Conditions, to the extent received by the Euroclear Operator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The foregoing information
about DTC, Euroclear and Clearstream, Luxembourg has been provided by each of them for information purposes only and is not intended to
serve as a representation, warranty or contract modification of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Although DTC,
Euroclear and Clearstream, Luxembourg have agreed to the foregoing procedures in order to facilitate transfers of beneficial
interests in the notes among participants and accountholders of DTC, Euroclear and Clearstream, Luxembourg, they are under no
obligation to perform or continue to perform such procedures, and such procedures may be discontinued at any time. Neither Vale
Overseas, nor the trustee nor any of the trustee&#8217;s agents will have any responsibility for the performance by DTC, Euroclear
or Clearstream, Luxembourg or their respective direct or indirect participants or accountholders
of their respective obligations under the rules and procedures governing their operations.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">While a note in global
form is lodged with DTC or the custodian, notes represented by individual definitive notes will not be eligible for clearing or settlement
through DTC, Euroclear or Clearstream, Luxembourg.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Individual Definitive Notes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Registration of title
to notes in a name other than DTC or its nominee will not be permitted unless (i)&nbsp;DTC has notified us that it is unwilling or unable
to continue as depositary for the notes in global form or the depositary ceases to be a clearing agency registered under the Securities
Exchange Act of 1934, as amended, at a time when DTC is required to be so registered in order to act as depositary, and, in each case,
we do not or cannot appoint a successor depositary within 90 days; (ii) Vale Overseas decides in its sole discretion to allow some or
all book-entry notes to be exchangeable for definitive notes in registered form; or (iii) following an event of default. In such circumstances,
Vale Overseas will cause sufficient individual definitive notes to be executed and delivered to the registrar for completion, authentication
and dispatch to the relevant holders of notes. Payments with respect to definitive notes may be made through the transfer agent. A person
having an interest in the notes in global form must provide the registrar with a written order containing instructions and such other
information as the registrar and we may require to complete, execute and deliver such individual definitive notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">If Vale Overseas issues
notes in certificated form, holders of notes in certificated form will be able to transfer their notes, in whole or in part, by surrendering
the notes, with a duly completed form of transfer, for registration of transfer at the office of the transfer agent, The Bank of New York
Mellon. Vale Overseas will not charge any fee for the registration or transfer or exchange, except that it may require the payment of
a sum sufficient to cover any applicable tax or other governmental charge payable in connection with the transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">All money paid by Vale
Overseas to the paying agents for the payment of principal and interest on the notes which remains unclaimed at the end of two years after
the amount is due to a holder will be repaid to Vale Overseas, and thereafter holders of notes in certificated form may look only to Vale
Overseas for payment.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_006"></A>CERTAIN TAX CONSIDERATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in"><I>The following discussion
summarizes certain Cayman Islands, Brazilian, and U.S.&nbsp;federal income tax considerations that may be relevant to the ownership and
disposition of the notes acquired in this offering for the original price. This summary is based on the tax laws, regulations, rulings
and decisions now in effect in the Cayman Islands, Brazil and the United States, any of which may change. Any change could apply retroactively
and could affect the continued accuracy of this summary. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in"><I>This summary does not
describe all of the tax considerations that may be relevant to you or your situation, particularly if you are subject to special tax rules.
You should consult your tax advisors about the tax consequences of holding the notes, including the relevance to your particular situation
of the considerations discussed below, as well as of state, local and other tax laws.</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Cayman Islands Tax Considerations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The Cayman Islands currently
have no exchange control restrictions and no income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding
tax applicable to Vale Overseas or any holder of notes. Accordingly, payment of principal of and interest on the notes will not be subject
to taxation in the Cayman Islands, no Cayman Islands withholding tax will be required on such payments to any holder of a note and gains
derived from the sale of notes will not be subject to Cayman Islands capital gains tax. The Cayman Islands does not have an income tax
treaty arrangement with the United States or any other country that is applicable to any payments made to or by Vale Overseas; however,
the Cayman Islands has entered into a tax information exchange agreement with the United States and other jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas has received
an undertaking dated April 24, 2001 from the Financial Secretary of the Cayman Islands that, in accordance with section 6 of the Tax Concession
Act (as amended) of the Cayman Islands, for a period of 30 years from the date of the undertaking, no law which is enacted in the Cayman
Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to Vale Overseas or its operations and, in
addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance
tax shall be payable (i)&nbsp;on or in respect of the shares, debentures or other obligations of Vale Overseas or (ii)&nbsp;by way of
the withholding in whole or in part of a payment of dividend or other distribution of income or capital by Vale Overseas to its members
or a payment of principal or interest or other sums due under a debenture or other obligation of Vale Overseas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">No stamp duties or similar
taxes or charges are payable under the laws of the Cayman Islands in respect of the execution and issue of the notes unless they are executed
in or brought within (for example, for the purposes of enforcement) the jurisdiction of the Cayman Islands, in which case stamp duty of
0.25% of the face amount thereof may be payable on each note (up to a maximum of 250 Cayman Islands dollars (&#8220;CI$&#8221;) (US$312.50))
unless stamp duty of CI$500 (US$625) has been paid in respect of the entire issue of notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The above conversions
of Cayman Islands dollars to U.S.&nbsp;dollars have been made on the basis of US$1.25 = CI$1.00.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Brazilian Tax Considerations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The following discussion
is a summary of the Brazilian tax considerations relating to an investment in the notes by an individual, a company, a trust, an organization
or any other entity considered as resident or domiciled outside Brazil for tax purposes (a &#8220;Non-resident Holder&#8221;). The discussion
contained herein is based on the tax laws and regulations of Brazil as in effect on the date hereof and is subject to possible changes
in Brazilian law that may come into effect after such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The information set forth
below is intended to be a general discussion only and does not address all possible tax consequences relating to an investment in the
notes. Prospective investors should consult their own tax advisers as to the consequences of purchasing the notes,&nbsp;including, without
limitation, the consequences of the receipt of interest and the sale, redemption or repayment of the notes.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><I>Payments on the Notes Made by Vale Overseas</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Generally, a Non-resident
Holder is taxed in Brazil only when income is derived from Brazilian sources or gains are realized on the sale or disposition of assets
located in Brazil. Therefore, based on the fact that Vale Overseas is considered for tax purposes as a company domiciled abroad, any income
(including interest and original issue discount) paid by Vale Overseas in respect of the notes in favor of Non-resident Holders should
not be subject to any withholding or deduction in respect of Brazilian income tax or any other Brazilian taxes, duties, assessments or
governmental charges, provided that such payments are made with funds held by Vale Overseas outside of Brazil.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><I>Taxation on Gains Realized from Sale or Other Disposition
of Notes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Generally, capital gains
realized on the disposition of assets located in Brazil by a Non-resident Holder to another non-resident of Brazil are subject to taxation
in Brazil, according to Section 26 of Law No. 10,833, enacted on December 29, 2003 (&#8220;Law No. 10,833&#8221;). Based on the fact that
Vale Overseas is an exempted company incorporated with limited liability under the laws of Cayman Islands and the notes are issued and
registered abroad, they should not fall within the definition of assets located in Brazil for purposes of Law No. 10,833. Hence, gains
arising from the sale or disposition of the notes made outside Brazil by a Non-resident Holder to another non-resident of Brazil should
not be subject to Brazilian taxes.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><I>Other Brazilian Taxes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Generally, there are no
inheritance, gift, succession, stamp, or other similar taxes in Brazil with respect to the ownership, transfer, assignment or any other
disposition of the notes by a Non-resident Holder, except for gift inheritance taxes imposed by some Brazilian states on gifts or bequests
by individuals or entities not domiciled or residing in Brazil to individuals or entities domiciled or residing within such states.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><I>Payments on the Notes Made by Vale</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">If a payment is made to
a Non-resident Holder from a Brazilian source in respect of the notes, such as by Vale, such payment may be subject, in whole or in part,
to income tax withheld at source at a rate of up to 25%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">In the event of withholding
or deduction for or on account of Brazilian taxes, Vale Overseas and Vale will, subject to certain exceptions, pay additional amounts
in respect of such withholding or deduction so that the net amount received by the holder after such withholding or deduction equals the
amount of principal or interest that would have been received in the absence of such withholding or deduction. See &#8220;<I>Description
of the Notes&#8212;Payment of Additional Amounts</I>&#8221; in this prospectus supplement and &#8220;<I>Description of the Debt Securities&#8212;Payment
of Additional Amounts</I>&#8221; in the accompanying prospectus.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">United States Tax Considerations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The following is a
summary of certain U.S.&nbsp;federal income tax consequences of the purchase, ownership and disposition of the notes that may be
relevant to a beneficial owner (other than an entity or arrangement treated as a partnership for U.S.&nbsp;federal income tax
purpose) of notes that is, for U.S.&nbsp;federal income tax purposes, (i) an individual that is a citizen or resident of the United
States, (ii) a U.S.&nbsp;domestic corporation, (iii) an estate, the income of which is includible in gross income for
U.S.&nbsp;federal income tax purposes, (iv) a trust if (a) a court within the United States is able to exercise primary supervision
over the administration of the trust and one or more U.S.&nbsp;persons (within the meaning of Section 7701(a)(30) of the Internal
Revenue Code of 1986, as amended from time to time (the &#8220;Code&#8221;)) have the authority to control all substantial decisions
of the trust or (b) such trust has made a valid election to be treated as a U.S.&nbsp;person for U.S.&nbsp;federal income tax
purposes, or (v) otherwise subject to U.S.&nbsp;federal income tax on a net income basis with respect of the notes (a
&#8220;U.S.&nbsp;Holder&#8221;). This summary is based on provisions of the Internal Revenue Code of 1986, as amended (the
&#8220;Code&#8221;), applicable Treasury regulations, laws, rulings and decisions now in effect, all of which are subject to change
or differing interpretations, possibly with retroactive effect. This summary does not purport to discuss all aspects of
U.S.&nbsp;federal income taxation which may be relevant to the particular circumstances of investors, and does not address
particular tax considerations that may be relevant to investors that are subject to special tax rules, such as financial
institutions, insurance companies, dealers in securities or currencies, traders in securities or currencies electing to mark their
positions to market, regulated investment companies, tax-exempt organizations, persons that will hold notes as part of a position in
a &#8220;straddle&#8221; or as part of a hedging transaction, constructive sale or conversion transaction for U.S.&nbsp;tax
purposes, entities (or other arrangements) taxed as partnerships for U.S.&nbsp;federal income tax purposes or the partners therein,
U.S.&nbsp;expatriates, nonresident individuals present in the United States for more than 182 days in a taxable year or investors
whose functional currency is not the U.S.&nbsp;dollar. In addition, this summary does not discuss any foreign, state or local tax
considerations, or any aspect of U.S.&nbsp;federal tax law other than income taxation. Furthermore, this summary does not address
consequences arising under the Medicare tax on net investment income, the alternative minimum tax, the special timing rules
prescribed under section 451(b) of the Code, or the possible applicability of U.S.&nbsp;federal gift or estate tax laws. This
summary only applies to U.S.&nbsp;Holders that acquired notes upon original issuance at their original issue price and that will
hold the notes as &#8220;capital assets&#8221; (generally, property held for investment) within the meaning of the Code. Prospective
investors should consult their own tax advisers regarding the U.S.&nbsp;federal, state and local, as well as foreign income and
other, tax considerations of investing in the notes.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Furthermore, this discussion
does not address all of the U.S. federal income tax considerations that may be relevant to an investor that purchases notes in this offering
and also sells Existing Notes pursuant to the Tender Offers, and such holders should consult their own tax advisors regarding the U.S.
federal income tax consequences to them of the sale of their Existing Notes pursuant to the Tender Offers and the acquisition of the notes
pursuant to this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">If an entity or arrangement
treated as a partnership for U.S.&nbsp;federal income tax purposes holds notes, the tax treatment of a partner will generally depend on
the status of the partner and upon the activities of the partnership. Accordingly, partnerships (or other entities or arrangements treated
as a partnership for U.S.&nbsp;federal income tax purposes) that hold notes and partners in such partnerships should consult their tax
advisers about the U.S.&nbsp;federal income tax consequences of purchasing, holding and disposing of notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">We have not sought, and
will not seek, any ruling from the IRS with respect to the tax consequences discussed herein, and there can be no assurance that the IRS
will not take a position contrary to the tax consequences discussed below or that any position taken by the IRS would not be sustained.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><I>Payments of Interest</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The gross amount of stated
interest and Additional Amounts (i.e., without reduction for any withholding tax) generally will be taxable to a U.S.&nbsp;Holder as ordinary
income at the time it accrues or is actually or constructively received, in accordance with the U.S.&nbsp;Holder&#8217;s method of accounting
for U.S.&nbsp;federal income tax purposes. It is expected, and this discussion assumes, that the notes will be issued without original
issue discount (&#8220;OID&#8221;) for U.S. federal income tax purposes. In general, however, if the notes are issued with OID at or above
a <I>de minimis </I>threshold, a U.S. Holder will be required to include OID in gross income, as ordinary income, under a &#8220;constant-yield
method&#8221; before the receipt of cash attributable to such income, regardless of the U.S. Holder&#8217;s regular method of accounting
for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Subject to generally applicable
limitations and conditions, any Brazilian withholding tax paid at the appropriate rate applicable to the U.S. Holder may be eligible for
a credit against such U.S. Holder&#8217;s U.S. federal income tax liability. These generally applicable limitations and conditions include
requirements adopted by the U.S. Internal Revenue Service (&#8220;IRS&#8221;) in regulations promulgated in December 2021 and any Brazilian
withholding tax will need to satisfy these requirements in order to be eligible to be a creditable tax for a U.S. Holder. In the case
of a U.S. Holder that consistently elects to apply a modified version of these rules under recently issued temporary guidance and complies
with specific requirements set forth in such guidance, any Brazilian withholding tax on interest generally will be treated as meeting
the new requirements and therefore as a creditable tax. In the case of all other U.S. Holders, the application of these requirements to
any Brazilian withholding tax imposed on interest is uncertain and we have not determined whether these requirements have been met. If
the Brazilian withholding tax is not a creditable tax for a U.S. Holder, or the U.S. Holder does not elect to claim a foreign tax credit
for any foreign income taxes paid or accrued in the same taxable year, the U.S. Holder may be able to deduct the Brazilian withholding
tax in computing such U.S. Holder&#8217;s taxable income for U.S. federal income tax purposes. Payments of interest on the notes will
constitute income from sources without the United States and, for U.S. Holders that elect to claim foreign tax credits, generally will
constitute &#8220;passive category income&#8221; for foreign tax credit purposes.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The availability and
calculation of foreign tax credits and deductions for foreign taxes depend on a U.S. Holder&#8217;s particular circumstances and
involve the application of complex rules to those circumstances. The temporary guidance discussed above also indicates that the
Treasury and the IRS are considering proposing amendments to the December 2021 regulations and that the temporary guidance can be
relied upon until additional guidance is issued that withdraws or modifies the temporary guidance or any later date specified in such later guidance. U.S. Holders should consult
their own tax advisors regarding the application of these rules to their particular situations.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><I>Sale, Exchange and Retirement of Notes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">A U.S.&nbsp;Holder will
generally recognize taxable gain or loss upon the sale, exchange, redemption, retirement or other taxable disposition of a note in an
amount equal to the difference between the amount realized upon such sale, exchange, retirement or other disposition (less any accrued
interest, which will be taxable as such) and such U.S.&nbsp;Holder&#8217;s tax basis in such note. A U.S.&nbsp;Holder&#8217;s tax basis
in a note (other than a note acquired pursuant to a &#8220;wash sale&#8221;) will generally equal the cost of the note to such U.S.&nbsp;Holder.
Gain or loss recognized by a U.S.&nbsp;Holder will generally be long-term capital gain or loss if the U.S.&nbsp;Holder has held the note
for more than one year. Long-term capital gains recognized by an individual holder generally are subject to tax at a lower rate than short-term
capital gains or ordinary income. The deductibility of capital losses by U.S.&nbsp;Holders is subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">A U.S. holder
generally will not be entitled to credit any Brazilian tax imposed on the sale or other disposition of the Notes against such U.S.
holder&#8217;s U.S. federal income tax liability, except in the case of a U.S. holder that consistently elects to apply a modified
version of the U.S. foreign tax credit rules that is permitted under recently issued temporary guidance and complies with the
specific requirements set forth in such guidance. Additionally, capital gain or loss, if any, recognized by a U.S. Holder on the
sale, exchange, redemption, retirement or other taxable disposition of the notes generally will be treated as U.S.-source gain or
loss for U.S. foreign tax credit purposes. Consequently, even if the withholding tax qualifies as a creditable tax, a U.S. holder
may not be able to credit the tax against its U.S. federal income tax liability unless such credit can be applied (subject to
generally applicable conditions and limitations) against tax due on other income treated as derived from foreign sources. If the
Brazilian withholding tax is not a creditable tax, the tax would reduce the amount realized on the sale, exchange, redemption,
retirement or other taxable disposition of the notes even if the U.S. Holder has elected to claim a foreign tax credit for other
taxes in the same year. The temporary guidance discussed above also indicates that the Treasury and the IRS are considering
proposing amendments to the December 2021 regulations and that the temporary guidance can be relied upon until additional guidance
is issued that withdraws or modifies the temporary guidance or any later date specified in such later guidance. U.S. Holders should consult their own tax advisors regarding the
application of the foreign tax credit rules to a sale, exchange, redemption, retirement or other taxable disposition of the notes
and any Brazilian withholding tax imposed on such sale, exchange, redemption, retirement or other taxable disposition.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><I>Substitution of Issuer</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">If Vale or any wholly
owned subsidiary of Vale (Vale or such wholly owned subsidiary, as the case may be, each a &#8220;Substitute Issuer&#8221;) replaces Vale
Overseas as issuer and principal debtor of the notes, as described under &#8220;<I>Description of the Notes&#8212;Substitution of Issuer</I>&#8221;
in this prospectus supplement and &#8220;<I>Description of the Debt Securities&#8212;Certain Covenants&#8212; Substitution of Vale Overseas
as issuer</I>&#8221; in the accompanying prospectus, a U.S.&nbsp;Holder of the notes may be treated, for U.S.&nbsp;federal income tax
purposes, as exchanging its notes for notes of the Substitute Issuer. In that event, the U.S.&nbsp;Holder would recognize taxable gain
or loss (which loss may be subject to deferral under the &#8220;wash sale&#8221; provisions of the Code and such U.S.&nbsp;Holder should
consult the U.S.&nbsp;Holder&#8217;s own tax advisors regarding any such loss) equal to the difference, if any, between the U.S.&nbsp;Holder&#8217;s
adjusted tax basis in the notes and the issue price of the notes of the Substitute Issuer deemed issued in such exchange. The issue price
of (and the U.S.&nbsp;Holder&#8217;s initial tax basis in) the notes of the Substitute Issuer would generally be equal to the fair market
value of the notes at the time of the taxable exchange. The U.S.&nbsp;Holder&#8217;s holding period for the notes of the Substitute Issuer
generally would start at the time of the taxable exchange. In the event that the notes of the Substitute Issuer have an issue price that
is less than their stated principal amount by or by more than a <I>de minimis</I> threshold specified in Treasury regulations, then the
notes of the Substitute Issuer would be deemed to have been issued with OID, which a U.S.&nbsp;Holder would be required to accrue into
taxable income over the remaining term of the note using a constant yield method. The result of accruing OID in this manner is that the
U.S.&nbsp;Holder would be required to take amounts into taxable income before receiving cash in respect of those amounts. In addition,
the tax basis of the U.S.&nbsp;Holder in the notes of the Substitute Issuer would be increased by any accrued OID. By contrast, if the
issue price of the notes of the Substitute Issuer were in excess of their principal amount, a U.S.&nbsp;Holder would be treated as acquiring
the notes of the Substitute Issuer at a premium equal
to such excess, which a U.S.&nbsp;Holder could elect to amortize as an offset to interest income using a constant yield method. Such election,
once made, generally applies to all bonds held or subsequently acquired by the U.S.&nbsp;Holder on or after the first taxable year to
which the election applies and may not be revoked without the consent of the IRS. A U.S.&nbsp;Holder that elects to amortize such premium
must reduce its adjusted tax basis in such note by the amount of the premium amortized during its holding period. U.S.&nbsp;Holders should
consult with their own tax advisors regarding the tax treatment of a substitution of obligations under the notes in light of their particular
circumstances.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><I>Foreign Financial Asset Reporting</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Certain U.S.&nbsp;Holders
that own &#8220;specified foreign financial assets&#8221; with an aggregate value in excess of US$50,000 on the last day of the taxable
year or US$75,000 at any time during the taxable year are generally required to file an information statement along with their tax returns,
currently on IRS Form&nbsp;8938, with respect to such assets. &#8220;Specified foreign financial assets&#8221; include any financial accounts
held at a non-U.S.&nbsp;financial institution, as well as securities issued by a non-U.S.&nbsp;issuer (which may include notes issued
in certificated form) that are not held in accounts maintained by financial institutions. Higher reporting thresholds apply to certain
individuals living abroad and to certain married individuals. Regulations extend this reporting requirement to certain entities that are
treated as formed or availed of to hold direct or indirect interests in specified foreign financial assets based on certain objective
criteria. U.S.&nbsp;Holders who fail to report the required information could be subject to substantial penalties. In addition, the statute
of limitations for assessment of tax would be suspended, in whole or part.&nbsp; Prospective investors are encouraged to consult with
their own tax advisors regarding the possible application of these rules, including the application of the rules to their particular circumstances.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0"><I>Backup Withholding and Information Reporting</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Information returns will
be filed with the IRS in connection with payments on the notes made to, and the proceeds of dispositions of notes effected by, certain
U.S. Holders. In addition, certain U.S. Holders may be subject to backup withholding in respect of such amounts if they do not provide
their taxpayer identification numbers to the applicable withholding agent and certify they are not subject to backup withholding, or otherwise
establish an exemption thereto. Beneficial owners of notes that are not U.S. Holders (&#8220;non-U.S. Holders&#8221;) may be required
to comply with applicable certification procedures to establish that they are not U.S. Holders in order to avoid the application of such
information reporting requirements and backup withholding. The amount of any backup withholding from a payment to a U.S. Holder or non-U.S.
Holder will generally be allowed as a credit against such holder&#8217;s U.S. federal income tax liability and may entitle such holder
to a refund, provided that the required information is timely furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The U.S.&nbsp;federal
income tax discussion set forth above is included for general information only and may not be applicable depending on a U.S.&nbsp;Holder&#8217;s
particular situation. U.S.&nbsp;Holders should consult their tax advisers with respect to the tax consequences to them of the beneficial
ownership and disposition of the notes, including the tax consequences under state, local, foreign and other tax laws and the possible
effects of changes in U.S.&nbsp;federal and other tax laws.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_007"></A>DATA PROTECTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Prospective investors
should note that, in certain circumstances, personal data may need to be supplied in order for an investment in the notes to be made and
for that investment in the notes to continue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas&#8217; use
of personal data is governed by the Cayman Islands Data Protection Act (as amended), and, in respect of any EU data subjects, the EU General
Data Protection Regulation (together, the &#8220;Data Protection Legislation&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Under the Data Protection
Legislation, individual data subjects have rights and Vale Overseas as data controller has obligations with respect to the processing
of personal data by Vale Overseas and its affiliates and delegates, including but not limited to the Captiva Global Financial Services
as administrator. Breach of the Data Protection Legislation by Vale Overseas could lead to enforcement action against it. Vale Overseas&#8217;
privacy notice provides information on Vale Overseas&#8217; use of personal data under the Data Protection Legislation. Vale Overseas&#8217;
privacy notice shall be made available to investors via routine investor communications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">If you are an individual
prospective investor, the processing of personal data by and on behalf of Vale Overseas is directly relevant to you. If you are an institutional
investor that provides personal data on individuals connected to you for any reason in relation to your investment in the notes (for example
directors, trustees, employees, representatives, shareholders, investors, clients, beneficial owners or agents), this will be relevant
for those individuals and you should transmit the privacy notice to such individuals or otherwise advise them of its content.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"><B><A NAME="a_008"></A>UNDERWRITING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas
intends to offer the notes through a number of underwriters. BMO Capital Markets Corp., Citigroup Global Markets Inc., Credit
Agricole Securities (USA) Inc., HSBC Securities (USA) Inc., MUFG Securities Americas Inc., BofA Securities, Inc., Goldman Sachs
&amp; Co. LLC, Banco Bradesco BBI S.A. and UBS Securities LLC, are the representatives of the several underwriters. Subject to the
terms and conditions contained in a terms agreement between the representatives and Vale Overseas, Vale Overseas has agreed to sell
to the underwriters and the underwriters have agreed to purchase, severally and not jointly, from Vale Overseas, the principal
amount of the notes listed below opposite each of their names.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0in; border-bottom: Black 0.5pt solid"><B>Underwriter</B></P></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0in; border-bottom: Black 0.5pt solid"><B>Principal
    Amount of Notes </B></P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">BMO Capital Markets Corp.&#9;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">US$135,136,000</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">Citigroup Global Markets Inc.&#9;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">US$135,136,000</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">Credit Agricole Securities (USA) Inc.&#9;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">US$135,136,000</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">HSBC Securities (USA) Inc.&#9;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">US$135,136,000</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">MUFG Securities Americas Inc.&#9;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">US$135,136,000</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">BofA Securities, Inc.&#9;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">US$108,107,000</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">Goldman Sachs &amp; Co. LLC&#9;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">US$108,107,000</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">Banco Bradesco BBI S.A. &#9;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; text-indent: 0in">US$54,053,000</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0in">UBS Securities LLC&#9;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in; border-bottom: Black 0.5pt solid">US$54,053,000</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt; text-indent: 0in"><B>Total</B>&#9;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0in; border-bottom: Black 1.5pt double"><B>US$1,000,000,000</B></P></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The underwriters have
agreed to purchase all of the notes sold pursuant to the terms agreement if any of these notes are purchased. If the underwriters default,
the terms agreement provides that the terms agreement may be terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas and Vale
have agreed to indemnify the underwriters against certain liabilities, including liabilities under the U.S.&nbsp;Securities Act of 1933,
as amended (the &#8220;Securities Act&#8221;), or to contribute to payments the underwriters may be required to make in respect of those
liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas and Vale
have agreed that Vale Overseas will not, during a period of 30 days from the date of this prospectus supplement, without the written consent
of the underwriters, directly or indirectly, issue, sell, offer or contract to sell, grant any option or warrant for the sale of, or otherwise
transfer or dispose of, any debt securities of Vale Overseas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The underwriters are
offering the notes, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their
counsel, including the validity of the notes, and other conditions contained in the terms agreement, such as the receipt by the underwriters
of officers&#8217; certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public
and to reject orders in whole or in part. In addition, the underwriters may offer and sell the notes through certain of their affiliates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Bradesco
Securities Inc. will act as agent of Banco Bradesco BBI S.A. for sales of the notes in the United States of America. Banco Bradesco BBI
S.A. is not a broker-dealer registered with the SEC, and therefore may not make sales of any notes in the United States to U.S. persons.
Banco Bradesco BBI S.A. and Bradesco Securities Inc. are affiliates of Banco Bradesco S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">We expect that delivery
of the notes will be made against payment therefor on or about June 28,
2024, which will be the third business day in New York following the date of pricing of the notes (this settlement cycle being referred
to as &#8220;T+3&#8221;). Under Rule&nbsp;15c6-1 of the SEC under the Exchange Act, trades in the secondary market generally are required
to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade
the notes on any date prior to one business day before delivery will be required, by virtue of the fact that the notes initially will
settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the
notes who wish to trade the notes prior to one business day before delivery should consult their own advisors.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Commissions and Discounts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The underwriters initially
propose to offer the notes directly to the public at the public offering price that appears on the cover page of this prospectus supplement.
After the initial offering of the notes to the public, the underwriters may vary the offering prices and other selling terms of the notes
from time to time. The expenses of the offering, not including the underwriting discount, are estimated to be US$3,600,000.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Trading Market</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Application will be made
to list the notes on the New York Stock Exchange in accordance with the rules and regulations of the New York Stock Exchange, subject
to the satisfaction of its minimum listing standards. Vale Overseas does not intend to apply for listing of the notes on any other securities
exchange or for quotation of the notes on any automated dealer quotation system. The underwriters have advised us that they presently
intend to make a market in the notes after completion of the offering. However, they are under no obligation to do so and may discontinue
any market-making activities at any time without any notice. We cannot assure the liquidity of any trading market for the notes or that
an active public market for the notes will develop. If an active public trading market for the notes does not develop, the market price
and liquidity of the notes may be adversely affected.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Price Stabilization and Short Positions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">In connection with the
offering, the underwriters are permitted to engage in transactions that stabilize the market price of the notes. Such transactions consist
of bids or purchases to peg, fix or maintain the price of the notes. If the underwriters create a short position in the notes in connection
with the offering, i.e., if they sell more notes than are on the cover page of this prospectus supplement, the underwriters may reduce
that short position by purchasing notes in the open market. Purchases of a security to stabilize the price or to reduce a short position
could cause the price of the security to be higher than it might be in the absence of such purchases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Such stabilizing, if commenced,
may be discontinued at any time and, if begun, must be brought to an end after a limited period. Any stabilization action must be conducted
by the relevant dealers (or any persons acting on behalf of any dealers) in accordance with all applicable laws and rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Neither the underwriters
nor we make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may
have on the price of the notes. In addition, neither the underwriters nor we make any representation that the underwriters will engage
in these transactions or that these transactions, once commenced, will not be discontinued without notice.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Selling Restrictions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The distribution of this
prospectus supplement and the accompanying prospectus may be restricted by law in certain jurisdictions. Persons into whose possession
this prospectus supplement and the accompanying prospectus come must inform themselves of and observe any of these restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">This prospectus supplement
and the accompanying prospectus do not constitute, and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction
in which an offer or solicitation is not authorized or in which the person making an offer or solicitation is not qualified to do so or
to any person to whom it is unlawful to make an offer or solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0in"><B><I>European Economic Area (&#8220;EEA&#8221;)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">This prospectus supplement
has been prepared on the basis that any offer of notes in any Member State of the EEA will be made pursuant to an exemption under the
Prospectus Regulation from the requirement to publish a prospectus for offers of securities. The expression &#8220;Prospectus Regulation&#8221;
means Regulation (EU) 2017/1129 (as amended or superseded). For the avoidance of doubt, whilst this document is referred to as a &#8216;prospectus
supplement&#8217; and there are references herein to a &#8216;prospectus&#8217;, neither this prospectus supplement nor the accompanying
prospectus is a prospectus for the purposes of the Prospectus Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The notes are not intended
to be offered, sold, distributed or otherwise made available and should not be offered, sold, distributed or otherwise made available
to any retail investor in the EEA. For the purposes of this provision:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
expression &#8220;retail investor&#8221; means a person who is one (or more) of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0 0.25in; text-align: justify; text-indent: 0.25in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, &#8220;MiFID II&#8221;); or</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0 0.25in; text-align: justify; text-indent: 0.25in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
customer within the meaning of Directive (EU) 2016/97 (as amended, the &#8220;Insurance Distribution Directive&#8221;), where that customer
would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0 0.25in; text-align: justify; text-indent: 0.25in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not
a qualified investor as defined in Article 2(e) of the Prospectus Regulation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
expression &#8220;offer&#8221; includes the communication in any form and by any means, presenting sufficient information on the terms
of the offer and the securities to be offered, so as to enable an investor to decide to purchase or subscribe for those securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Consequently, no key information
document required by Regulation (EU) No 1286/2014 (as amended, the &#8220;PRIIPs Regulation&#8221;) for offering, selling or distributing
packaged retail and insurance based investment products or otherwise making them available to retail investors in the EEA has been prepared,
and therefore offering, selling or distributing the notes or otherwise making them available to any retail investor in the EEA may be
unlawful under the PRIIPs Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">In the EEA, this prospectus
supplement and the accompanying prospectus are being distributed only to, and are directed only at, &#8220;non-retail investors&#8221;
(being persons who are not &#8220;retail investors&#8221; as defined in this section titled &#8220;<I>European Economic Area</I>&#8221;)
and any investment or investment activity to which this prospectus supplement relates is available only to, and will be engaged in only
with, non-retail investors. Any person in the EEA who is a &#8220;retail investor&#8221; should not act or rely on this prospectus supplement,
the accompanying prospectus or either of their contents. Each person in the EEA who purchases any of the notes will be deemed to have
represented, warranted, acknowledged and agreed that they are a non-retail investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas, the underwriters
and their respective affiliates will rely upon the truth and accuracy of the foregoing representations, warranties, acknowledgments, and
agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">In connection with the
offering, the underwriters are not acting for anyone other than Vale Overseas and will not be responsible to anyone other than Vale Overseas
for providing the protections afforded to their clients nor for providing advice in relation to the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0in"><B><I>United Kingdom (&#8220;UK&#8221;)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">This prospectus supplement
has been prepared on the basis that any offer of notes in the UK will be made pursuant to an exemption from the requirement to publish
a prospectus for offers of securities. For the avoidance of doubt, whilst this document is referred to as a &#8216;prospectus supplement&#8217;
and there are references herein to a &#8216;prospectus&#8217;, neither this prospectus supplement nor the accompanying prospectus is a
prospectus for the purposes of UK law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The notes have not intended
to be offered, sold, distributed or otherwise made available and should not be offered, sold, distributed or otherwise made available
to any retail investor in the UK. For the purposes of this provision:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
expression &#8220;retail investor&#8221; means a person who is one (or more) of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0 0.25in; text-align: justify; text-indent: 0.25in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of assimilated law by virtue of the
European Union (Withdrawal) Act 2018 (as amended, and together with any statutory instruments made in exercise of the powers conferred
by such Act, the &#8220;EUWA&#8221;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0 0.25in; text-align: justify; text-indent: 0.25in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the &#8220;FSMA&#8221;) and
any rules or regulations made under the FSMA to implement the Directive (EU) 2016/97, where that customer would not qualify as a professional
client as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of assimilated law by virtue of the EUWA;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0 0.25in; text-align: justify; text-indent: 0.25in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;not
a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of assimilated law by virtue of the EUWA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
expression &#8220;offer&#8221; includes the communication in any form and by any means, presenting sufficient information on the terms
of the offer and the securities to be offered, so as to enable an investor to decide to purchase or subscribe for those securities.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Consequently, no key information
document required by Regulation (EU) No 1286/2014 as it forms part of assimilated law by virtue of the EUWA (the &#8220;UK PRIIPs Regulation&#8221;)
for offering, selling or distributing packaged retail and insurance based investment products or otherwise making them available to retail
investors in the UK has been prepared, and therefore offering, selling or distributing the notes or otherwise making them available to
any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">In the UK, this prospectus
supplement and the accompanying prospectus are being distributed only to, and are directed only at, &#8220;non-retail investors&#8221;
(being persons who are not &#8220;retail investors&#8221; as defined in this section &#8220;<I>United Kingdom</I>&#8221;) who are also
(i) persons having professional experience in matters relating to investments who fall within the definition of &#8220;investment professionals&#8221;
in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the &#8220;Order&#8221;);
(ii) high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts as described in Article
49(2)(a) to (c) of the Order; or (iii) persons to whom an invitation or inducement to engage in investment activity (within the meaning
of section 21 of the FSMA) in connection with the issue or sale of any notes may otherwise lawfully be communicated or caused to be communicated
(all such persons together being referred to as &#8220;relevant persons&#8221;). Any person in the UK that is not a relevant person should
not act or rely on this prospectus supplement, the accompanying prospectus or either of their contents. In the UK, any investment or investment
activity to which this prospectus supplement relates is only available to, and will be engaged in only with, relevant persons. Each person
in the UK who purchases any of the notes will be deemed to have represented, warranted, acknowledged and agreed that they are a relevant
person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Vale Overseas, the underwriters
and their respective affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgments and agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">In connection with the
offering, the underwriters are not acting for anyone other than Vale Overseas and will not be responsible to anyone other than Vale Overseas
for providing the protections afforded to their clients nor for providing advice in relation to the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">References in this section
titled &#8220;<I>United Kingdom</I>&#8221; to UK legislation include any successor legislation to that legislation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">This prospectus supplement
is not intended to constitute an offer or solicitation to purchase or invest in the notes. The notes may not be publicly offered, directly
or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act (&#8220;FinSA&#8221;) and no application has or will
be made to admit the notes to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. Neither this prospectus
supplement nor any other offering or marketing material relating to the notes constitutes a prospectus pursuant to the FinSA, and neither
this prospectus supplement nor any other offering or marketing material relating to the notes may be publicly distributed or otherwise
made publicly available in Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0in"><B><I>Hong Kong</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">This prospectus supplement
and the accompanying prospectus have not been approved by or registered with the Securities and Futures Commission of Hong Kong or the
Registrar of Companies of Hong Kong. No person may offer or sell in Hong Kong, by means of any document, any notes other than (a) to &#8220;professional
investors&#8221; as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or
(b) in other circumstances which do not result in the document being a &#8220;prospectus&#8221; as defined in the Companies Ordinance
(Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. No person may issue or
have in its possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating
to the notes which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted
to do so under the securities laws of Hong Kong) other than with respect to notes which are or are intended to be disposed of only to
persons outside Hong Kong or to &#8220;professional investors&#8221; as defined in the Securities and Futures Ordinance and any rules
made under that Ordinance or to any persons in the circumstances referred to in clause (b) above.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The securities have not
been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1998 as amended, the &#8220;FIEL
Law&#8221;) and each underwriter has agreed that it will not offer or sell any securities, directly or indirectly, in Japan or to, or
for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or
other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to a resident
of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEL Law and any
other applicable laws, regulations and ministerial guidelines of Japan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The notes may be made
available for purchase outside Taiwan by investors residing in Taiwan (either directly or through properly licensed Taiwan intermediaries
acting on behalf of such investors) but may not be offered or sold in Taiwan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">This prospectus supplement
and the accompanying prospectus have not been registered as a prospectus with the Monetary Authority of Singapore, and the notes will
be offered in Singapore pursuant to the exceptions under Section 274 and Section 275 of the Securities and Futures Act of Singapore, Chapter
289 (the &#8220;SFA&#8221;). Accordingly, this prospectus supplement, the accompanying prospectus and any other document or material in
connection with the offer or sale, or invitation for subscription or purchase, of the notes may not be circulated or distributed, nor
may the notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly,
to the public or any member of the public in Singapore other than (i) to an institutional investor specified in Section 274 of the SFA,
(ii) to a sophisticated investor, and in accordance with the conditions, specified in Section 275 of the SFA or (iii) otherwise pursuant
to, and in accordance with the conditions of, any other applicable provision of the SFA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">None of this prospectus
supplement, the accompanying prospectus or any other offering material distributed by any of the underwriters relating to the notes has
been or will be registered as a prospectus with the Monetary Authority of Singapore, and the notes will be offered in Singapore pursuant
to the exemptions under Section 274 and Section 275 of the Securities and Futures Act, Chapter 289 of Singapore, or the SFA. Accordingly,
this prospectus supplement, the accompanying prospectus and any other document or material in connection with the offer or sale, or invitation
for the subscription or purchase, of the notes may not be circulated or distributed, nor may the notes be offered or sold, or be made
the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (1) to an
institutional investor under Section 274 of the SFA, (2) to a relevant person under Section 275(1) and/or any person under Section 275(1A)
of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (3) otherwise pursuant to, and in accordance
with the conditions of, any other applicable provision of the SFA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Solely for the purposes
of its obligations pursuant to sections 309B(1)(a) and 309B(1)(c) of the SFA, we have determined, and hereby notify all relevant persons
(as defined in Section 309A of the SFA), that the notes are &#8220;prescribed capital markets products&#8221; (as defined in the Securities
and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice
on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The offer and sale of the notes have not been and will not be registered with the Brazilian Securities Commission (Comiss&atilde;o de
Valores Mobili&aacute;rios, or &ldquo;CVM&rdquo;) and will not be carried out by any means that would constitute a public offering or
an unauthorized distribution in Brazil pursuant to Brazilian laws and regulations, including the Resolution No. 160, issued by the CVM
on July 13, 2022, as amended. If the notes are authorized for trading on organized non-Brazilian securities markets, with settlement outside
Brazil in non-Brazilian currency, the notes may be offered for acquisition by &ldquo;professional investors&rdquo; (as defined by applicable
CVM regulations) residents of Brazil, who may only acquire the notes through an account outside of Brazil. The trading of the notes on
regulated securities markets in Brazil is prohibited.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The notes have not been
and will not be authorized by the Colombian Superintendency of Finance (<I>Superintendencia Financiera de Colombia</I>) and will not be
registered with the Colombian National Registry of Securities and Issuers (<I>Registro Nacional
de Valores y Emisores</I>) or on the Colombian Stock Exchange (<I>Bolsa de Valores de Colombia</I>). Therefore, the notes may not be offered,
sold or negotiated in Colombia, except under circumstances which do not constitute a public offering of securities under applicable Colombian
securities laws and regulations. Furthermore, foreign financial entities must abide by the terms of Part 4 of Decree 2555 of 2010 and
Regulation 029 of 2014 issued by the Colombian Superintendency of Finance, as modified, complemented or substituted from time to time,
to privately market and offer the notes to their Colombian clients.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The notes and the information
contained in this prospectus supplement and the accompanying prospectus have not been and will not be registered with or approved by the
Peruvian Capital Markets Superintendency (<I>Superintendencia del Mercado de Valores</I>) or the Lima Stock Exchange. Accordingly, the
notes cannot be offered or sold in Peru, except if such offering is considered a private offering under the securities laws and regulations
of Peru. The Peruvian securities market law establishes, among others, that any particular offer may qualify as private if it is directed
exclusively to institutional investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Pursuant to Chilean Capital
Markets Act and <I>Norma de Car&aacute;cter General</I> (&#8220;General Rule&#8221;) No.&nbsp;336, dated June 27, 2012, issued by the
Chilean Financial Market Commission (&#8220;CMF&#8221;), the notes may be privately offered in Chile to certain &#8220;qualified investors&#8221;
identified as such by CMF General Rule&nbsp;No. 336 (which in turn are further described in CMF General Rule&nbsp;No. 216, dated June
12, 2008, and in CMF General Rule&nbsp;No. 410, dated July 27, 2016). General Rule&nbsp;No.&nbsp;336 requires the following information
to be provided to prospective investors in Chile:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Date of commencement of the offer: June&nbsp;25, 2024. The offer of the notes is subject to General Rule&nbsp;No.
336, dated June 27, 2012, issued by the CMF;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">The subject matter of this offer are securities not registered with the Foreign Securities Registry (<I>Registro
de Valores Extranjeros</I>) of the CMF, and as such are not subject to the oversight of the CMF;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Since the notes are not registered in Chile there is no obligation by the issuer to make publicly available
information about the notes in Chile; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">The notes shall not be subject to public offering in Chile unless registered with the relevant Securities
Registry of the CMF.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><I><U>Informaci&oacute;n a los Potenciales
Inversionistas Chilenos </U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in"><I>De conformidad con
la Ley de Mercado de Valores y la Norma de Car&aacute;cter General N&deg; 336 (la &#8220;NCG 336&#8221;), de 27 de junio de 2012, de la
Comisi&oacute;n para el Mercado Financiero (&#8220;CMF&#8221;), la oferta por los bonos puede ser efectuada de forma privada a ciertos
&#8220;Inversionistas Calificados,&#8221; a los que se refiere la NCG 336 y que se definen como tales en la norma de car&aacute;cter general
N&deg; 216, de 12 de junio de 2008 y en la Norma de Car&aacute;cter General N&deg; 410 de fecha 27 de julio de 2016, ambas de la CMF.
La NCG 336 dispone que la siguiente informaci&oacute;n debe ser entregada a los inversionistas: </I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>1.</I></TD><TD STYLE="text-align: justify"><I>La oferta de los bonos comienza el 25 de junio de 2024 y se encuentra acogida a la NCG N&deg; 336,
de fecha 27 de junio de 2012, de la CMF; </I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>2.</I></TD><TD STYLE="text-align: justify"><I>La oferta versa sobre valores que al ser emitidos y colocados no fueron inscritos en el Registro de
Valores o en el Registro de Valores extranjeros que lleva la CMF, por lo que tales valores no est&aacute;n sujetos a la fiscalizaci&oacute;n
de la CMF; </I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>3.</I></TD><TD STYLE="text-align: justify"><I>Por tratarse de valores no inscritos en Chile no existe la obligaci&oacute;n por parte del emisor de
entregar en Chile informaci&oacute;n p&uacute;blica sobre estos valores; y </I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>4.</I></TD><TD STYLE="text-align: justify"><I>La oferta por los bonos no es objeto de oferta p&uacute;blica y estos valores no han sido y ni podr&aacute;n
ser objeto de oferta p&uacute;blica en Chile mientras no sean inscritos en el registro de valores correspondiente. </I></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-indent: 0in"><B><I>Cayman Islands</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">None of the notes may
be offered, sold or delivered, directly or indirectly, or offered or sold to any person for re-offering or resale, directly or indirectly,
in the Cayman Islands.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The notes may be sold
only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument
45-106 <I>Prospectus Exemptions</I> or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National
Instrument 31-103 <I>Registration Requirements, Exemptions and Ongoing Registrant Obligations</I>. Any resale of the notes must be made
in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Securities legislation
in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus supplement,
(including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by
the purchaser within the time limit prescribed by the securities legislation of the purchaser&#8217;s province or territory. The purchaser
should refer to any applicable provisions of the securities legislation of the purchaser&#8217;s province or territory for particulars
of these rights or consult with a legal advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Pursuant to section 3A.3
of National Instrument 33-105 <I>Underwriting Conflicts</I> (NI 33-105), the underwriters are not required to comply with the disclosure
requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0 0">Other Relationships</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Certain of the underwriters
and their respective affiliates are full-service financial institutions engaged in various activities, which may include securities trading,
commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing
and brokerage activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">Certain of the underwriters
and their affiliates have performed, and may perform in the future, certain investment banking, advisory or general financing and banking
services for us and our affiliates from time to time, in the ordinary course of their business. These companies receive standard fees
for their services. In addition, affiliates of certain underwriters served or are serving as lenders in our two revolving credit facilities,
in the amount of US$5.0&nbsp;billion, for which US$3.0&nbsp;billion have maturity date in 2024 and US$2.0&nbsp;billion have maturity date
in 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">We intend to use part
of the net proceeds from the sale of the notes to fund the Tender Offer and the 2026 Notes Redemption. See &#8220;<I>Use of Proceeds</I>&#8221;
herein. To the extent any of the underwriters or any of their affiliates hold a portion of the Tender Offer Notes subject to the Tender
Offer and/or a portion of the 2026&nbsp;Notes subject to the 2026&nbsp;Notes Redemption, they may tender such Tender Offer Notes pursuant
to the terms and subject to the conditions of the Tender Offer and/or have their 2026&nbsp;Notes redeemed under the 2026&nbsp;Notes Redemption,
as applicable, and accordingly may receive or be deemed to receive a portion of the net proceeds of this offering. In addition, certain
of the underwriters, or their affiliates, are acting as dealer managers in connection with the Tender Offer and will receive customary
fees in connection therewith. See &#8220;<I>Summary&#8212;Recent Developments&#8212;Liability Management Transactions</I>.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">In addition, in the ordinary
course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively
trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account
and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours
or our affiliates. If any of the underwriters or their affiliates has a lending relationship with us, certain of those underwriters or
their affiliates may hedge or routinely hedge their credit exposure to us, and certain other of those underwriters or their affiliates
are likely to hedge, consistent with their customary risk management policies. Typically, these underwriters and their affiliates would
hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short
positions in our securities, including potentially the notes offered hereby. Any such credit default swaps or short positions could adversely
affect future trading prices of the notes offered hereby. The underwriters and their affiliates may also make investment recommendations
and/or publish or express independent research views in respect of such securities
or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_009"></A>VALIDITY OF THE NOTES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.25in">The validity of the notes,
including the guaranty, offered and sold in this offering will be passed upon for Vale Overseas and Vale by Cleary Gottlieb Steen &amp;
Hamilton LLP and for the underwriters by Gibson, Dunn &amp; Crutcher LLP. Certain matters of Cayman Islands law relating to the notes
will be passed upon by Walkers (Cayman) LLP, Cayman Islands counsel for Vale and Vale Overseas. Certain matters of Brazilian law relating
to the notes will be passed upon by Mr. Alexandre S. D&#8217;Ambrosio, the general counsel of Vale. Pinheiro Guimar&atilde;es will pass
upon certain matters of Brazilian law relating to the notes for the underwriters.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B><A NAME="a_010"></A>INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">With respect to the unaudited
financial information of Vale S.A. for the three-month periods ended March&nbsp;31, 2024 and 2023 incorporated by reference in this prospectus
supplement, PricewaterhouseCoopers Auditores Independentes Ltda. reported that they have applied limited procedures in accordance with
professional standards for a review of such information. However, their separate report dated April 24, 2024 incorporated by reference
herein states that they did not audit and they do not express an opinion on that unaudited financial information. Accordingly, the degree
of reliance on their report on such information should be restricted in light of the limited nature of the review procedures applied.
PricewaterhouseCoopers Auditores Independentes Ltda. is not subject to the liability provisions of Section 11 of the Securities Act of
1933 for their report on the unaudited financial information because that report is not a &#8220;report&#8221; or a &#8220;part&#8221;
of the registration statement prepared or certified by PricewaterhouseCoopers Auditores Independentes Ltda. within the meaning of Sections
7 and 11 of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><B><A NAME="a_011"></A>EXPERTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify; text-indent: 0.25in">The financial statements
and management&#8217;s assessment of the effectiveness of internal control over financial reporting (which is included in Management&#8217;s
Report on Internal Control over Financial Reporting) incorporated in this Prospectus Supplement by reference to the Annual Report on Form&nbsp;20-F
for the year ended December 31, 2023 have been so incorporated in reliance on the report of PricewaterhouseCoopers Auditores Independentes
Ltda., an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The technical information
incorporated herein by reference to our annual report on Form&nbsp;20-F filed on April 19, 2024 concerning mineral property disclosure
for our operations in the Serra Sul Mine Complex, located in the state of Par&aacute;, Brazil, including mineral resources and mineral
reserves estimates, was derived from the Technical Report Summary for these properties prepared, with an effective date of December 31,
2023, by Alessandro G. Resende, Arnor B. Couto Jr., Evandro M. Cunha Filho, Hely Sim&otilde;es, Luciano Souza Castro, Te&oacute;filo Costa
and Wagner Jos&eacute; de Castro, each of whom is a qualified person as defined in subpart 1300 of Regulation S-K and an employee of Vale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><A NAME="a_012"></A>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">The SEC allows us to incorporate
by reference the information we file with it, which means that we can disclose important information to you by referring you to those
documents. The information incorporated by reference herein is considered to be part of this prospectus supplement, and certain later
information that we file with the SEC will automatically update and supersede earlier information filed with the SEC or included in this
prospectus supplement. We incorporate by reference the following documents:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/917851/000129281424002522/vale20240624_6k.htm">our report on Form 6-K furnished to the SEC on June 25, 2024, discussing our results of operations for the three-month period ended March 31, 2024 and summarizing certain recent developments (SEC Accession No. 0001292814-24-002522);</A></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/917851/000129281424001547/valedfifrs1q24_6k.htm">our report on Form&nbsp;6-K furnished to the SEC on April&nbsp;25, 2024, containing the unaudited consolidated interim financial statements of Vale for the three-month period ended March&nbsp;31, 2024 (SEC Accession No. 0001292814-24-001547);</A> and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000917851/000129281424001463/valeform20f_2023.htm">our annual report on Form&nbsp;20-F for the year ended December 31, 2023, filed with the SEC on April 19, 2024 (SEC Accession No: 0001292814-24-001463).</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify; text-indent: 0.25in">We will provide without
charge to each person to whom a copy of this prospectus supplement is delivered, upon the written or oral request of any such person,
a copy of any or all of the documents referred to above which have been or may be incorporated herein by reference, other than exhibits
to such documents (unless such exhibits are specifically incorporated by reference in such documents). Requests should be directed to
Vale&#8217;s Investor Relations Department, Praia de Botafogo 186 &#8211; offices 1101, 1701 and 1801 &#8211; Botafogo &#8211; 22250-145
&#8211; Rio de Janeiro, RJ, Brazil (telephone no: +55&nbsp;21 3485 3900). Additionally, for so long as any notes shall be outstanding,
copies of our financial statements for the then current fiscal year may be inspected on the Web site of the U.S.&nbsp;Securities and Exchange
Commission at http://www.sec.gov/ or on our Web site at http://www.vale.com/. The information on our Web site is not part of this prospectus
supplement nor is it incorporated herein by reference.</P>


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<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 25.9pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); margin: 0 0 25.9pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px"><B>PROSPECTUS</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 12pt Times New Roman, Times, Serif; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><IMG SRC="vale20240624424b2_001.jpg" ALT=""></P>

<P STYLE="color: rgb(0, 0, 0); font: 12pt Times New Roman, Times, Serif; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 18pt Times New Roman, Times, Serif; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><B>U.S.$4,000,000,000</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 12pt Times New Roman, Times, Serif; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 18pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px">Vale
S.A.</P>

<P STYLE="color: rgb(0, 0, 0); font: 12pt Times New Roman, Times, Serif; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><B>Debt
Securities and Guarantees</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 12pt Times New Roman, Times, Serif; margin: 0; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 12pt Times New Roman, Times, Serif; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 18pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px">Vale
Overseas Limited</P>

<P STYLE="color: rgb(0, 0, 0); font: 12pt Times New Roman, Times, Serif; margin: 0; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><B>Guaranteed
Debt Securities</B></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="font: normal 400 medium Times New Roman; color: black; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; white-space: normal; width: 341.27px">

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; letter-spacing: normal; word-spacing: 0px; text-align: justify; text-indent: 0in">Vale
S.A. may offer debt securities from time to time, and Vale Overseas Limited may offer debt securities guaranteed by Vale S.A. from time
to time, up to an aggregate amount of U.S.$4,000,000,000. A prospectus supplement will set forth the specific terms of the securities,
the offering price and the specific manner in which they may be offered.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: justify; text-indent: 0in">We
may sell these debt securities directly or to or through underwriters or dealers, and also to other purchasers or through agents. The
names of any underwriters or agents will be set forth in the prospectus supplement.</P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="font: normal 400 medium Times New Roman; color: black; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; white-space: normal; width: 341.27px">

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: justify; text-indent: 0in"><B>Neither
the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed
upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="font: normal 400 medium Times New Roman; color: black; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; white-space: normal; width: 341.27px">

<P STYLE="color: rgb(0, 0, 0); font: 10pt/11.15pt Times New Roman, Times, Serif; margin: 0 0 0.2in; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px">April
25, 2023</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><A NAME="toc"></A>Table
of Contents</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; font-family: Times New Roman; width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 91%; text-align: left"><A HREF="#a_013">About this Prospectus</A></TD>
    <TD STYLE="width: 9%; text-align: right"><A HREF="#a_013">1</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_014">Enforcement of Civil Liabilities</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_014">2</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_015">Forward-Looking Statements</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_015">4</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_016">Vale S.A.</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_016">5</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_017">Vale Overseas Limited</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_017">6</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_018">Use of Proceeds</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_018">7</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_019">Legal Ownership of Debt Securities</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_019">8</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_020">Description of the Debt Securities</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_020">10</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_021">Description of the Guarantees</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_021">24</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_022">Plan of Distribution</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_022">25</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_023">Experts</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_023">27</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_024">Validity of the Securities</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_024">28</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_025">Data Protection</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_025">29</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_026">Where You Can Find More Information</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_026">30</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left"><A HREF="#a_027">Incorporation of Certain Documents by Reference</A></TD>
    <TD STYLE="text-align: right"><A HREF="#a_027">31</A></TD></TR>
  </TABLE>
<HR SIZE="1" NOSHADE ALIGN="CENTER" STYLE="font: normal 400 medium Times New Roman; color: black; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; white-space: normal; width: 341.27px">

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0; letter-spacing: normal; word-spacing: 0px; text-align: justify; text-indent: 0px">We
are responsible for the information contained in this prospectus, any accompanying prospectus supplement and the documents incorporated
by reference herein and therein. We have not authorized any person to give you any other information, and we take no responsibility for
any other information that others may give you. This document may only be used where it is legal to sell these securities. You should
not assume that the information contained in this prospectus, any accompanying prospectus supplement and the documents incorporated by
reference is accurate as of any date other than their respective dates. Our business, financial condition, results of operations and prospects
may have changed since those dates. We are not making an offer of these securities in any state where the offer is not permitted.</P>

<P STYLE="color: rgb(0, 0, 0); font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 1in">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&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="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A>&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><A NAME="a_013"></A>ABOUT
THIS PROSPECTUS</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: justify; text-indent: 0in">This
prospectus is part of a registration statement that we filed with the U.S. Securities and Exchange Commission, which we refer to as the
SEC, using a &ldquo;shelf&rdquo; registration process. Under this shelf process, Vale may offer debt securities, and Vale Overseas may
offer debt securities guaranteed by Vale, in one or more offerings, up to the amount registered pursuant to the Registration Statement.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: justify; text-indent: 0in">This
prospectus provides you only with a general description of the debt securities and guarantees that we may offer. Each time we offer debt
securities pursuant to this prospectus, we will attach a prospectus supplement to the front of this prospectus that will contain specific
information about the particular offering and the terms of those debt securities. We may also add, update or change other information
contained in this prospectus by means of a prospectus supplement or by incorporating by reference information we file with the SEC. The
registration statement on file with the SEC includes exhibits that provide more detail on the matters discussed in this prospectus. Before
you invest in any debt securities offered by this prospectus, you should read this prospectus, any related prospectus supplements and
the related exhibits filed with the SEC, together with the additional information described under the heading &ldquo;Where You Can Find
More Information&rdquo; and &ldquo;Incorporation of Certain Documents by Reference.&rdquo;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: justify; text-indent: 0in">In
this prospectus, unless otherwise specified or the context otherwise requires, references to &ldquo;Vale&rdquo; are to Vale S.A. and its
consolidated subsidiaries. References to &ldquo;Vale Overseas&rdquo; are to Vale Overseas Limited. Terms such as &ldquo;we,&rdquo; &ldquo;us&rdquo;
and &ldquo;our&rdquo; generally refer to one or both of Vale and Vale Overseas, as the context may require.</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><A NAME="a_014"></A>ENFORCEMENT
OF CIVIL LIABILITIES</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in"><B>Brazil</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">A
final conclusive judgment for the payment of money rendered by any New York State or federal court sitting in New York City in respect
of the securities would be recognized in the courts of Brazil and such courts would enforce such judgment without any retrial or reexamination
of the merits of the original action only if such judgment has been ratified by the Brazilian Superior Court of Justice (<I>Superior Tribunal
de Justi&ccedil;a</I>). This ratification is available only if the judgment:</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">is for payment of a certain sum of money;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">fulfills all formalities required for its enforceability under the laws of the State of New York;</FONT></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">was issued by a competent court either after due service of process on the parties, which service of process, if made in Brazil, must comply with Brazilian law, or after sufficient evidence of the parties&rsquo; absence has been given, as established pursuant to applicable law;</FONT></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">is not subject to appeal;</FONT></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">does not conflict with a final and unappealable decision issued by a Brazilian court;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">has been authenticated by a Brazilian consulate in the State of New York or is duly apostilled in accordance with the Convention Abolishing the Requirement of Legalization for Foreign Public Documents;</FONT></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">has been translated into Portuguese by a certified sworn translator, except if exempted by an international treaty entered into by Brazil;</FONT></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">does not cover matters subject to the exclusive jurisdiction of the Brazilian courts; and</FONT></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">is not against Brazilian public policy, good morals or national sovereignty.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">The
following considerations also bear on the enforcement of civil liabilities in Brazil.</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Civil actions may be brought before Brazilian courts in connection with this prospectus supplement based on the federal securities laws of the United States, and Brazilian courts may enforce such liabilities in such actions against Vale (provided that the relevant provisions of the federal securities laws of the United States do not contravene Brazilian public policy, good morals or national sovereignty and provided further that Brazilian courts can assert jurisdiction over the particular action).</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The ability of a judgment creditor to satisfy a judgment by attaching certain assets of the defendant is limited by Brazilian law. In addition, a Brazilian or foreign plaintiff who resides abroad or is abroad during the course of a suit in Brazil must post a bond to cover the legal fees and court expenses of the defendant, unless there are real estate assets in Brazil to assure payment thereof, except in case of execution actions or counterclaims as established under the first paragraph of Article 83 of the Brazilian Code of Civil Procedure.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Notwithstanding
the foregoing, no assurance can be given that ratification would be obtained, that the process described above could be conducted in a
timely manner or that a Brazilian court would enforce a monetary judgment for violation of the U.S. securities laws with respect to the
securities.</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in"><B>Cayman
Islands</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Vale
Overseas has been advised by its Cayman Islands counsel, Walkers (Cayman) LLP, that although there is no statutory enforcement in the
Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will, based on the principle that a judgment
by a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been given, recognize
and enforce a foreign judgment of a court having jurisdiction over a defendant according to Cayman Islands conflict of law rules, by way
of fresh proceedings brought in the Cayman Islands suing for the amounts due pursuant to the foreign judgment. To be so enforced the foreign
judgment must be final and conclusive and for a liquidated sum (or, in certain circumstances, for&nbsp;<I>in personam</I>&nbsp;non-money
relief) and not in respect of taxes or a fine or penalty or similar fiscal or revenue obligations or of a kind inconsistent with a Cayman
Islands judgment in respect of the same matters or obtained in a manner, and is not of a kind the enforcement of which is, contrary to
natural justice, statute or the public policy of the Cayman Islands. There is doubt, however, as to whether the courts of the Cayman Islands
will:</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">recognize or enforce judgments of U.S. courts based on the civil liability provisions of the securities laws of the United States or any state thereof; or</FONT></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in original actions brought in the Cayman Islands, impose liabilities upon the civil liability provisions of the securities laws of the United States or any state thereof,</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; letter-spacing: normal; word-spacing: 0px; text-align: justify; text-indent: 0.25in">in
each case, on the grounds that such provisions are penal in nature.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">A
Cayman Islands court may stay proceedings if concurrent proceedings are being brought elsewhere.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; color: rgb(0, 0, 0); margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"></P>

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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: rgb(0, 0, 0); letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><A NAME="a_015"></A>FORWARD-LOOKING
STATEMENTS</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Some
of the information contained or incorporated by reference in this prospectus and the accompanying prospectus supplement may constitute
forward-looking statements. Many of those forward-looking statements can be identified by the use of forward-looking words such as &ldquo;anticipate,&rdquo;
&ldquo;believe,&rdquo; &ldquo;could,&rdquo; &ldquo;expect,&rdquo; &ldquo;should,&rdquo; &ldquo;plan,&rdquo; &ldquo;intend,&rdquo; &ldquo;estimate&rdquo;,
&ldquo;target,&rdquo;, &ldquo;ambition,&rdquo; and &ldquo;potential,&rdquo; among others. Those statements appear in a number of places
and include statements regarding our intent, belief or current expectations with respect to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">trends in commodity prices, supply and demand for commodities;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the future impact of competition and regulation;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the exploration of mineral reserves and resources and development of mining facilities;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the depletion and exhaustion of mines and mineral reserves and resources;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the impact of the collapse of the tailings dam in Brumadinho in 2019, the collapse of Samarco&rsquo;s tailings dam in 2015, and related remediation measures on our operations, cash flows and financial position;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the implementation of our dam de-characterization plan;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the outcome of the various investigations, regulatory, governmental, uncertain tax treatments and legal proceedings in which we are involved;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the impact of the ongoing war in Ukraine and the economic sanctions imposed on Russia, and their impact on the global economy, which are highly uncertain and difficult to predict;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">our direction and future operations;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the implementation of our financing strategy and capital expenditure plans;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the payment of dividends or interest on shareholders&rsquo; equity;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">compliance with financial covenants;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">industry trends, including the direction of prices and expected levels of supply and demand;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the implementation of our principal operating strategies, including our potential participation in acquisition, divestiture or joint venture transactions or other investment opportunities;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">our ability to comply with our ESG targets and commitments;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">other factors or trends affecting our financial condition or results of operations; and</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the factors discussed in other documents incorporated by reference in this prospectus.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">We
caution you that forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results
may differ materially from those in forward-looking statements as a result of various factors. These risks and uncertainties include factors
relating to (a) economic, political and social issues in the countries in which we operate, (b) the global economy, (c) commodity prices,
(d)&nbsp;financial and capital markets, (e) the mining and metals businesses, which are cyclical in nature, and their dependence upon
global industrial production, which is also cyclical, (f) regulation and taxation, (g)&nbsp;operational incidents or accidents, and (h)&nbsp;the
high degree of global competition in the markets in which we operate. For additional information on some factors that could cause our
actual results to differ from expectations reflected in forward-looking statements, please see &ldquo;<I>Risk Factors</I>&rdquo; in our
SEC reports incorporated by reference in this prospectus. Forward-looking statements speak only as of the date they are made, and we do
not undertake any obligation to update them in light of new information or future developments. All forward-looking statements attributed
to us or a person acting on our behalf are expressly qualified in their entirety by this cautionary statement, and you should not place
undue reliance on any forward-looking statement included in this prospectus or any accompanying prospectus supplement.</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt/11.15pt Times New Roman, Times, Serif; margin: 0 0 9pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><B><A NAME="a_016"></A>VALE
S.A.</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">We
are one of the largest metals and mining companies in the world, based on market capitalization, and one of the world&rsquo;s largest
producers of iron ore and nickel. We also produce iron ore pellets and copper. Our nickel and copper concentrates contain by-products
of platinum group metals (PGMs), gold, silver and cobalt. We are engaged in greenfield mineral exploration in six countries. We operate
large logistics systems in Brazil and other regions in the world, including railroads, maritime terminals and ports, which are integrated
with our mining operations. In addition, we have distribution centers to support the delivery of iron ore worldwide. Directly and through
associates and joint ventures, we also have investments in energy.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Vale
is a stock corporation, or&nbsp;<I>sociedade por a&ccedil;&otilde;es</I>, that was organized on January 11, 1943 under the laws of the
Federative Republic of Brazil for an unlimited period of time. Vale&rsquo;s head office is located at Praia de Botafogo 186, offices 1101,
1701 and 1801, Botafogo, 22250-145, Rio de Janeiro, RJ, Brazil. Its telephone number is +55-21-3485-5000.</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0in"><B><A NAME="a_017"></A>VALE
OVERSEAS LIMITED</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Vale
Overseas is a finance company wholly owned by Vale. Vale Overseas&rsquo; business is to issue debt securities to finance the activities
of Vale and Vale&rsquo;s subsidiaries and affiliates. It has no other operations and no employees.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Vale
Overseas was incorporated as a Cayman Islands exempted company with limited liability on April 3, 2001, and is registered with the Registrar
of Companies in the Cayman Islands under registration number 109351. Vale Overseas was incorporated for an indefinite period of time.
Its registered office is at Intertrust Corporate Services (Cayman) Limited, One Nexus Way, Camana Bay, Grand Cayman KY1-9005, Cayman Islands,
and its principal executive offices are located at Praia de Botafogo 186, offices 1101, 1701 and 1801, Botafogo, 22250-145, Rio de Janeiro,
RJ, Brazil. Its telephone number is +55-21-3485-5000.</P>

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    <!-- Field: /Page -->

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0in"><B><A NAME="a_018"></A>USE
OF PROCEEDS</B></P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Vale</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Unless
otherwise indicated in an accompanying prospectus supplement, Vale intends to use the net proceeds from the sale of the debt securities
for general corporate purposes.</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Vale
Overseas</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Unless
otherwise indicated in an accompanying prospectus supplement, Vale Overseas intends to on-lend the net proceeds from the sale of the debt
securities to Vale or Vale&rsquo;s subsidiaries and affiliates.</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><A NAME="a_019"></A>LEGAL
OWNERSHIP OF DEBT SECURITIES</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">In
this prospectus and in any prospectus supplement, when we refer to the &ldquo;holders&rdquo; of debt securities as being entitled to specified
rights or payments, we mean only the actual legal holders of the debt securities. While you will be the holder if you hold a security
registered in your name, more often than not the registered holder will actually be either a broker, bank, other financial institution
or, in the case of a global security, a depositary. Our obligations, as well as the obligations of the trustee, any registrar, any depositary
and any third parties employed by us or the other entities listed above, run only to persons who are registered as holders of our debt
securities, except as may be specifically provided for in a contract governing the debt securities. For example, once we make a payment
to the registered holder, we have no further responsibility for the payment even if that registered holder is legally required to pass
the payment along to you as a street name customer but does not do so.</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Street
Name and Other Indirect Holders</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Holding
debt securities in accounts with banks or brokers is called holding in &ldquo;street name.&rdquo; If you hold our debt securities in street
name, we will recognize only the bank or broker, or the financial institution that the bank or broker uses to hold the debt securities,
as a holder. These intermediary banks, brokers, other financial institutions and depositaries pass along to you, as an indirect holder,
principal, interest, dividends and other payments, if any, on the debt securities, either because they agree to do so in their customer
agreements or because they are legally required to do so. This means that if you are an indirect holder, you will need to coordinate with
the institution through which you hold your interest in a security in order to determine how the provisions involving holders described
in this prospectus and any prospectus supplement will actually apply to you. For example, if the debt security in which you hold a beneficial
interest in street name can be repaid at the option of the holder, you cannot redeem it yourself by following the procedures described
in the prospectus supplement relating to that security. Instead, you would need to cause the institution through which you hold your interest
to take those actions on your behalf. Your institution may have procedures and deadlines different from or additional to those described
in the applicable prospectus supplement.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">If
you hold our debt securities in street name or through other indirect means, you should check with the institution through which you hold
your interest in a security to find out, among other things:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">how it handles payments and notices with respect to the debt securities;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">whether it imposes fees or charges;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">how it handles voting, if applicable;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">how and when you should notify it to exercise on your behalf any rights or options that may exist under the debt securities;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">whether and how you can instruct it to send you debt securities registered in your own name so you can be a direct holder; and</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">how it would pursue rights under the debt securities if there were a default or other event triggering the need for holders to act to protect their interests.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Global
Securities</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">A
global security is a special type of indirectly held security. If we issue debt securities in the form of global securities, the ultimate
beneficial owners can only be indirect holders. We do this by requiring that the global security be registered in the name of a financial
institution we select and by requiring that the debt securities included in the global security not be transferred to the name of any
other direct holder unless the special circumstances described below occur. The financial institution that acts as the sole direct holder
of the global security is called the &ldquo;depositary.&rdquo; Any person wishing to own a security issued in global form must do so indirectly
through an account with a broker, bank or other financial institution that in turn has an account with the depositary. The prospectus
supplement will indicate whether the debt securities will be issued only as global securities.</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">As
an indirect holder, your rights relating to a global security will be governed by the account rules of your financial institution and
of the depositary, as well as general laws relating to securities transfers. We will not recognize you as a holder of the debt securities
and instead will deal only with the depositary that holds the global security.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">You
should be aware that if our debt securities are issued only in the form of global securities:</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">You cannot have the debt securities registered in your own name;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">You cannot receive physical certificates for your interest in the debt securities;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">You will be a street name holder and must look to your own bank or broker for payments on the debt securities and protection of your legal rights relating to the debt securities;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">You may not be able to sell interests in the debt securities to some insurance companies and other institutions that are required by law to own their debt securities in the form of physical certificates;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The depositary&rsquo;s policies will govern payments, dividends, transfers, exchange and other matters relating to your interest in the global security. We, the trustee and any registrar have no responsibility for any aspect of the depositary&rsquo;s actions or for its records of ownership interests in the global security. We, the trustee and any registrar also do not supervise the depositary in any way; and</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The depositary will require that interests in a global security be purchased or sold within its system using same-day funds for settlement.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">In
a few special situations described below, a global security representing our debt securities will terminate and interests in it will be
exchanged for physical certificates representing the debt securities. After that exchange, the choice of whether to hold debt securities
directly or in street name will be up to you. You must consult your bank or broker to find out how to have your interests in the debt
securities transferred to your name, so that you will be a direct holder.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Unless
we specify otherwise in a prospectus supplement, the special situations in which a global security representing our debt securities will
terminate are:</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the depositary has notified us that it is unwilling or unable to continue as depositary for such global security or the depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, at a time when such depositary is required to be so registered in order to act as depositary, and, in each case, we do not or cannot appoint a successor depositary within 90 days; or</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Vale, or Vale Overseas, as applicable, decides in its sole discretion to allow some or all book-entry securities to be exchangeable for definitive securities in registered form.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">A
prospectus supplement may also list additional situations for terminating a global security that would apply only to the particular series
of debt securities covered by such prospectus supplement. When a global security terminates, the depositary (and not us, the trustee or
any registrar) is responsible for deciding what institutions will be the initial direct holders.</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><A NAME="a_020"></A>DESCRIPTION
OF THE DEBT SECURITIES</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in"><I>The
following briefly summarizes the material provisions of the debt securities and the indentures that will govern the debt securities, other
than pricing and related terms and other specifications that will be disclosed in a prospectus supplement. You should read the more detailed
provisions of the applicable indenture, including the defined terms, for provisions that may be important to you. You should also read
the particular terms of your series of debt securities, which will be described in more detail in a prospectus supplement. All references
to Vale in this section refer to Vale S.A., and not to its consolidated subsidiaries.</I></P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Indentures</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Any
debt securities and guarantees that we issue will be governed by an indenture. The trustee under the indenture has two main roles:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">First, the trustee can enforce your rights against Vale and Vale Overseas if Vale or Vale Overseas defaults. There are some limitations on the extent to which the trustee acts on your behalf, described below under &ldquo;&mdash;Events of Default.&rdquo;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Second, the trustee performs administrative duties for us, such as sending principal and interest payments to you, transferring your debt securities to a new buyer if you sell and sending notices to you.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Vale
will issue debt securities under the Indenture dated as of August 4, 2021 between Vale, as issuer, and The Bank of New York Mellon, as
trustee, which we refer to as the Vale indenture. Vale Overseas will issue debt securities guaranteed by Vale under the Amended and Restated
Indenture dated as of August 4, 2021 among Vale Overseas, as issuer, Vale, as guarantor, and The Bank of New York Mellon, as trustee,
which we refer to as the Vale Overseas indenture.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">The
indentures and their associated documents contain the full legal text of the matters described in this section. We have agreed in each
indenture that New York law governs the indenture and the debt securities. We have filed a copy of the Vale indenture and the Vale Overseas
indenture with the SEC as exhibits to our registration statement. We have consented in each indenture to the non-exclusive jurisdiction
of any U.S. federal and state courts sitting in the borough of Manhattan in the City of New York. (<I>Sections 1.12 and 1.14</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Types
of Debt Securities</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">This
section summarizes material terms of the debt securities that are common to all series and to both the Vale and Vale Overseas indentures,
unless otherwise indicated in this section or in the prospectus supplement relating to a particular series.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Because
this section is a summary, it does not describe every aspect of the debt securities. This summary is subject to and qualified in its entirety
by reference to all the provisions of the indentures, including the definition of various terms used in the indentures. For example, we
describe the meanings for only the more important terms that have been given special meanings in the indentures. We also include references
in parentheses to some sections of the indentures. Whenever we refer to particular sections or defined terms of the indentures in this
prospectus or in any prospectus supplement, those sections or defined terms are incorporated by reference herein or in such prospectus
supplement.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">We
may issue original issue discount securities, which are debt securities that are offered and sold at a substantial discount to their stated
principal amount. We may also issue indexed securities or securities denominated in currencies other than the U.S. dollar, currency units
or composite currencies, as described in more detail in the prospectus supplement relating to any such debt securities. We will describe
the U.S. federal income tax consequences and any other special considerations applicable to original issue discount, indexed or foreign
currency debt securities in the applicable prospectus supplement.</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">In
addition, the material financial, legal and other terms particular to a series of debt securities will be described in the prospectus
supplement relating to that series. Those terms may vary from the terms described here. Accordingly, this summary also is subject to and
qualified by reference to the description of the terms of the series described in the applicable prospectus supplement.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">In
addition, the prospectus supplement will state whether we will list the debt securities of the series on any stock exchanges and, if so,
which ones.</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Form,
Exchange and Transfer</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">The
debt securities will be issued, unless otherwise indicated in the applicable prospectus supplement, in any integral multiples of US$1,000
thereof. (<I>Section 3.2</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">You
may have your debt securities broken into more debt securities of smaller authorized denominations or combined into fewer debt securities
of larger authorized denominations, as long as the total principal amount is not changed. This is called an exchange. (<I>Section 3.4</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">You
may exchange or transfer your registered debt securities at the office of the trustee. The trustee acts as our agent for registering debt
securities in the names of holders and transferring registered debt securities. The entity that maintains the list of registered holders
is called the &ldquo;security registrar.&rdquo; It will also register transfers of the registered debt securities. (<I>Sections 3.4 and
10.2</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">You
will not be required to pay a service charge for any registration of transfer or exchange of the debt securities, but you may be required
to pay any tax or other governmental charge associated with the registration of transfer or exchange. The registration of transfer or
exchange of a registered debt security will only be made if you have duly endorsed the debt security or provided the security registrar
with a written instrument of transfer satisfactory in form to the security registrar. (<I>Section 3.4</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Payment
and Paying Agents</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">If
your debt securities are in registered form, we will pay interest to you if you are listed in the trustee&rsquo;s records as a direct
holder at the close of business on a particular day in advance of each due date for interest, even if you no longer own the security on
the interest due date. That particular day is called the &ldquo;regular record date&rdquo; and will be stated in the prospectus supplement.
(<I>Sections 3.6 and 3.1.5</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">We
will pay interest, principal, additional amounts and any other money due on global registered debt securities pursuant to the applicable
procedures of the depositary or, if the debt securities are not in global form, at our office or agency maintained for that purpose in
New York City. We may also choose to pay interest by mailing checks. We may also arrange for additional payment offices, and we may cancel
or change our use of these offices, including the trustee&rsquo;s corporate trust office. These offices are called &ldquo;paying agents.&rdquo;
We may also choose to act as our own paying agent. (<I>Sections 2.2, 10.2 and 10.3</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Regardless
of who acts as paying agent, all money that we pay as principal, premium or interest to a paying agent, or then held by us in trust, that
remains unclaimed at the end of two years after the amount is due to a direct holder will be repaid to us or (if then held in trust) discharged
from trust. After that two-year period, direct holders may look only to us for payment and not to the trustee, any other paying agent
or anyone else. (<I>Section 10.3</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in"><B><I>Street
name and other indirect holders should consult their banks or brokers for information on how they will receive payments.</I></B></P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Notices</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">We
and the trustee will send notices only to direct holders, using their addresses as listed in the trustee&rsquo;s records. (<I>Section
1.6</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Modification
and Waiver</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Each
indenture provides several categories of changes that can be made to the indenture and the debt securities. Such changes may or may not
require the consent of the holders, as described below. A supplemental indenture will be prepared if holder approval is required.</P>

<P STYLE="color: rgb(0, 0, 0); font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Changes
Requiring Each Holder&rsquo;s Approval</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Each
indenture provides that there are changes to the indenture that cannot be made without the approval of each holder of the outstanding
debt securities affected thereby. Those types of changes are:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">a change in the stated maturity of any principal of, or any installment of principal of or interest payment on the debt securities;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">a reduction in the principal amount, the interest rate, the redemption price for the debt securities or the principal amount that would be due and payable upon acceleration;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">a change in the obligation to pay additional amounts;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">a change in the currency of any payment on the debt securities;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">a change in the place of any payment on the debt securities;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">an impairment of the holder&rsquo;s right to sue for payment of any amount due on its securities;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">a change in the terms of payment from, or control over, or release or reduction of any collateral or security interest to secure the payment of principal, interest or premium, if any, under any debt security;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">a reduction in the percentage in principal amount of the outstanding debt securities needed to change the indenture or the debt securities;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">a reduction in the percentage in principal amount of the outstanding debt securities needed to waive compliance with the indenture or to waive defaults; and</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">a modification of the sections of the indenture relating to supplemental indentures, waiver with the consent of holders or waiver of past defaults, except to increase the percentage of holders required to make a revision or to provide that certain other provisions of the indenture cannot be modified or waived without the approval of each holder of the debt securities. (<I>Section 9.2</I>)</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Changes
Not Requiring Holders&rsquo; Approval</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Each
indenture provides that some changes do not require any approval by holders of outstanding debt securities under that indenture. This
type of change includes clarifications of ambiguities, omissions, defects and inconsistencies, changes to conform the provisions contained
in a relevant indenture to the description of debt securities contained in this prospectus or an applicable prospectus supplement, amendments
to evidence the substitution of Vale Overseas as issuer of any series of debt securities, as described under &ldquo;&mdash;<I>Substitution
of Vale Overseas as issuer,&rdquo;</I>&nbsp;and amendments, supplements and other changes that would not adversely affect the holders
of outstanding debt securities under the indenture in any material respect, such as adding covenants, additional events of default or
successor trustees. (Section 9.1)</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Changes
Requiring Majority Approval</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Each
indenture provides that other changes to the indenture and the outstanding debt securities under the indenture and any waiver of any provision
of the indenture must be approved by the holders of a majority in principal amount of each series of debt securities affected by the change
or waiver. The required approval must be given by written consent. (<I>Section 9.2</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Each
indenture provides that the same majority approval would be required for Vale or Vale Overseas to obtain a waiver of any of its covenants
in the applicable indenture. The covenants of Vale and Vale Overseas in each indenture include the promises Vale and Vale Overseas make
about merging and creating liens on their assets, which are described below under &ldquo;&mdash;Certain Covenants&mdash;Mergers and Similar
Transactions&rdquo; and &ldquo;&mdash;Certain Covenants&mdash;Limitation on Liens.&rdquo; If the holders approve a waiver of a covenant,
Vale and Vale Overseas will not have to comply with that covenant. The holders, however, cannot approve a waiver of any provision in the
debt securities or the indentures, as it affects any security, that Vale and Vale Overseas cannot change without the approval of the holder
of that security as described above in &ldquo;&mdash;Changes Requiring Each Holder&rsquo;s Approval,&rdquo; unless that holder approves
the waiver.&nbsp;<I>(Section 9.2</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Voting
Mechanics</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Debt
securities will not be considered outstanding, and therefore will not be eligible to vote, if we have deposited or set aside in trust
money for their payment, repurchase or redemption. Debt securities held by Vale Overseas, Vale or their affiliates are not considered
outstanding. (<I>Section 1.1</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Vale
or Vale Overseas will generally be entitled to set any day as a record date for the purposes of determining the holders of outstanding
debt securities that are entitled to vote or take other action under the applicable indenture. In limited circumstances, the trustee,
and not Vale or Vale Overseas, will be entitled to set a record date for action by holders. If a record date is set for a vote or other
action to be taken by holders of a particular series, that vote or action may be taken only by persons who are holders of outstanding
debt securities of that series on the record date and must be taken within 180 days following the record date or another period that we
or the trustee, as applicable, may specify. This period may be shortened or lengthened (but not beyond 180 days). (<I>Sections 1.4.5,
1.4.6 and 1.4.7</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in"><B><I>Street
name and other indirect holders should consult their banks or brokers for information on how approval may be granted if we seek to change
the indenture or the debt securities or request a waiver.</I></B></P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Redemption</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Unless
otherwise indicated in the applicable prospectus supplement, your debt security will not be entitled to the benefit of any sinking fund;
that is, we will not deposit money on a regular basis into any separate custodial account to repay your debt securities. In addition,
other than as set forth in &ldquo;&mdash;Optional Tax Redemption&rdquo; below, unless otherwise specified in the applicable prospectus
supplement, we will not be entitled to redeem your debt security before its stated maturity. (<I>Section 11.1.1</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">If
the applicable prospectus supplement specifies a redemption date, it will also specify one or more redemption prices, which may be expressed
as a percentage of the principal amount of your debt security or by reference to one or more formula used to determine the redemption
price. It may also specify one or more redemption periods during which the redemption prices relating to a redemption of debt securities
during those periods will apply.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">If
the applicable prospectus supplement specifies a redemption commencement date, we may redeem your debt security at our option at any time
on or after that date. If we redeem your debt security, we will do so at the specified redemption price, together with interest accrued
to the redemption date. If different prices are specified for different redemption periods, the price we pay will be the price that applies
to the redemption period during which your debt security is redeemed. If less than all of the debt securities are redeemed, the trustee
will authenticate and deliver to the holder of such debt securities without service charge, a new debt security or securities of the same
series and of like tenor, of any authorized denomination as requested by such holder, in aggregate principal amount equal to and in exchange
for the unredeemed portion of the principal of the debt security so surrendered. If less than all of the debt securities are redeemed,
the debt securities to be redeemed will be selected in accordance with the applicable procedures of the depositary, or in the case of
certificated debt securities by lot or,&nbsp;<I>pro rata</I>, or in accordance with the applicable procedures.&nbsp;<I>(Section 11.5)</I></P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">In
the event that we exercise an option to redeem any debt security, we will give to the trustee and the holder written notice of the principal
amount of the debt security to be redeemed, not less than 30 days nor more than 60 days before the applicable redemption date. We will
give the notice in the manner described above under &ldquo;&mdash;Notices.&rdquo; (<I>Section 11.2</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Subject
to any restrictions described in the prospectus supplement, we or our affiliates may purchase debt securities from investors who are willing
to sell from time to time, either in the open market at prevailing prices or in private transactions at negotiated prices. Debt securities
that we or they purchase may, in our discretion, be held, resold or canceled.</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Optional
Tax Redemption</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Unless
otherwise indicated in a prospectus supplement, we will have the option to redeem the debt securities in whole (but not in part) if, (i)
as a result of a change in or amendment to any laws (or any rules or regulations thereunder) or the official interpretation, administration
or application of any laws, rules or regulations, (a) in the case of securities issued under the Vale indenture, we are required to pay
additional amounts, as described below under &ldquo;&mdash;Payment of Additional Amounts,&rdquo; in excess of those attributable to Brazilian
withholding tax on the basis of a statutory rate of 15%, or (b) in the case of securities issued under the Vale Overseas indenture, we
are required to pay any additional amounts, as described below under &ldquo;&mdash;Payment of Additional Amounts,&rdquo; and (ii) the
obligation described in items (a) or (b) of this paragraph cannot be avoided by Vale, Vale Overseas or their successors, as applicable,
after taking measures that Vale, Vale Overseas or their successors, as applicable, considers reasonable to avoid it. This applies only
in the case of changes or amendments that occur on or after the date specified in the prospectus supplement for the applicable series
of debt securities. (<I>Section 11.6</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">If
the debt securities are redeemed, the redemption price for the debt securities (other than original issue discount debt securities) will
be equal to the principal amount of the debt securities being redeemed and any applicable premium plus accrued interest and any additional
amounts due on the date fixed for redemption. The redemption price for original issue discount debt securities will be specified in the
prospectus supplement for such debt securities. Furthermore, we must give you between 30 and 60 days&rsquo; notice before redeeming the
debt securities. No notice may be given earlier than 90 days prior to the earliest date on which we, but for such redemption, would be
obligated to pay such additional amounts, and the obligation to pay such additional amounts must remain in effect at the time notice is
given. (<I>Section 11.6</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Payment
of Additional Amounts</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Each
indenture provides that all payments in respect of the debt securities issued thereunder will be made without withholding or deduction
for any present or future taxes, duties, assessments, or other governmental charges of whatever nature imposed, levied, collected, withheld
or assessed by or on behalf of Brazil, the Cayman Islands (in the case of debt securities issued under the Vale Overseas indenture), a
successor jurisdiction or any authority therein or thereof having power to tax, unless Vale, Vale Overseas or their successors, as applicable,
is compelled by law to deduct or withhold such taxes, duties, assessments or governmental charges. In such event, Vale, Vale Overseas
or their successors, as applicable, will make such deduction or withholding, make payment of the amount so withheld to the appropriate
governmental authority and pay such additional amounts as may be necessary to ensure that the net amounts receivable by holders of debt
securities after such withholding or deduction shall equal the respective amounts of principal, premium and interest which would have
been receivable in respect of the debt securities in the absence of such withholding or deduction. Notwithstanding the foregoing, neither
Vale nor Vale Overseas will have to pay additional amounts:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">to, or to a third party on behalf of, a holder who is liable for such taxes, duties, assessments or governmental charges in respect of such debt security by reason of his having some connection with Brazil, the Cayman Islands (in the case of debt securities issued under the Vale Overseas indenture) or a successor jurisdiction, other than the mere holding of the debt security and the receipt of payments with respect to the debt security;</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">to, or to a third party on behalf of, a holder who is liable for such taxes, duties, assessments or other governmental charges by reason of such holder&rsquo;s failure to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with Brazil, the Cayman Islands (in the case of debt securities issued under the Vale Overseas indenture) or a successor jurisdiction or applicable political subdivision or authority thereof or therein having power to tax, of such holder, if compliance is required by such jurisdiction, or any political subdivision or authority thereof or therein having power to tax, as a precondition to exemption from, or reduction in the rate of, the tax, assessment or other governmental charge and Vale or Vale Overseas, as applicable, has given the holders at least 30 days&rsquo; notice that holders will be required to provide such certification, identification or other requirement;</FONT></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">in respect of any such taxes, duties, assessments or other governmental charges with respect to debt securities surrendered (if surrender is required) more than 30 days after the Relevant Date except to the extent that the holder of such debt security would have been entitled to such additional amounts on surrender of such debt security for payment on the last day of such period of 30 days;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">in respect of any estate, inheritance, gift, sales, transfer, personal property or similar tax, assessment or governmental charge imposed with respect to the debt security;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">in respect of any tax, assessment or other governmental charge which is payable other than by deduction or withholding from payments of principal of or interest on the debt security or by direct payment by Vale or Vale Overseas in respect of claims made against Vale or Vale Overseas;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">in respect of any taxes, duties, assessments or other governmental charges imposed under Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended as of the issue date (or any amended or successor version that is substantively comparable) and any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the U.S. Internal Revenue Code, any intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing or any law, regulation or practice adopted pursuant to any such intergovernmental agreement; or</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">in respect of any combination of the above. (<I>Section 10.7.1</I>)</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">The
prospectus supplement relating to the debt securities may describe additional circumstances in which we would not be required to pay additional
amounts. (<I>Section 3.1</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">For
purposes of the provisions described above, &ldquo;Relevant Date&rdquo; means whichever is the later of (i) the date on which such payment
becomes due and payable or (ii) the date on which payment thereof is duly provided for and notice thereof given to holders. The debt securities
are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation. Except as specifically
provided above, neither Vale Overseas nor Vale shall be required to make a payment with respect to any tax, assessment or governmental
charge imposed by any government or a political subdivision or taxing authority thereof or therein. (<I>Section 10.7.1</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">In
the event that additional amounts actually paid with respect to the debt securities described above are based on rates of deduction or
withholding of withholding taxes in excess of the appropriate rate applicable to the holder of such debt securities, and as a result such
holder is entitled to claim for a refund or credit of such excess from the authority imposing such withholding tax, then such holder shall,
by accepting such debt securities, be deemed to have assigned and transferred all right, title, and interest to any such claim for a refund
or credit of such excess to Vale or Vale Overseas, as the case may be. (<I>Section 10.7.4</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Any
reference in this prospectus, the indenture or the debt securities to principal, premium or interest in respect of the debt securities
or the guarantees by Vale Overseas or Vale, as applicable, will be deemed to include any additional amount, unless the context requires
otherwise, that may be payable in respect of such principal, premium or interest. (<I>Section 10.7.5</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Certain
Covenants</P>

<P STYLE="color: rgb(0, 0, 0); font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Mergers
and Similar Transactions</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Unless
otherwise specified in the applicable prospectus supplement, Vale and Vale Overseas will each covenant that they will not, without the
consent of the holders of a majority in aggregate principal amount of the debt securities outstanding under the applicable indenture,
consolidate with or merge into any other corporation or convey or transfer all or substantially all of its properties and assets to any
other person, unless:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the corporation formed by such consolidation or into which Vale or Vale Overseas is merged or the person which acquires by conveyance or transfer all or substantially all of the properties and assets of Vale or Vale Overseas, which we refer to as the successor corporation, will expressly assume the due and punctual payment of the principal of and interest on all the debt securities issued under the applicable indenture and all other obligations of Vale or Vale Overseas under the applicable indenture and the debt securities issued under that indenture;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">immediately after giving effect to such transaction, no event of default with respect to any security issued under the applicable indenture will have occurred and be continuing;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Vale and Vale Overseas, as applicable, have delivered to the trustee under the applicable indenture (i) a certificate signed by, in the case of Vale, two executive officers of Vale and, in the case of Vale Overseas, two directors of Vale Overseas, stating that such consolidation, merger, conveyance or transfer complies with this covenant and that all relevant conditions precedent provided in the applicable indenture have been complied with and (ii) an opinion of counsel stating that such consolidation, merger, conveyance or transfer complies with this covenant and that all relevant conditions provided have been complied with; and</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the successor corporation will expressly agree to withhold against any tax, duty, assessment or other governmental charge thereafter imposed or levied by Brazil, the Cayman Islands (in the case of debt securities issued under the Vale Overseas indenture), a successor jurisdiction or any political subdivision or authority thereof or therein having power to tax as a consequence of such consolidation, merger, conveyance or transfer with respect to the payment of principal of or interest on the debt securities, and to pay such additional amounts as may be necessary to ensure that the net amounts receivable by holders of the debt securities after any such withholding or deduction will equal the respective amounts of principal, premium (if any) and interest, as applicable, which would have been receivable in respect of the debt securities in the absence of such consolidation, merger, conveyance or transfer, subject to exceptions and limitations contained in &ldquo;&mdash;Payment of Additional Amounts,&rdquo; in relation to the successor jurisdiction. (<I>Article 8</I>)</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Upon
any consolidation, merger, conveyance or transfer in accordance with these conditions, the successor corporation will succeed to, and
be substituted for, and may exercise every right and power of, Vale or Vale Overseas under the debt securities with the same effect as
if the successor corporation had been named as the issuer or guarantor, as applicable, of the debt securities issued under the applicable
indenture. If a successor corporation is incorporated in or considered to be resident in a jurisdiction other than Brazil or the Cayman
Islands, such jurisdiction will be referred to as a &ldquo;successor jurisdiction.&rdquo; No successor corporation will have the right
to redeem the debt securities unless Vale or Vale Overseas, as applicable, would have been entitled to redeem the debt securities in similar
circumstances. (<I>Article 8</I>)</P>

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<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">If
the conditions described above are satisfied, neither Vale nor Vale Overseas will need to obtain the consent of the holders in order to
merge or consolidate or convey or transfer all or substantially all of its properties and assets to any other person. Also, Vale and Vale
Overseas will not need to satisfy these conditions if Vale or Vale Overseas enters into other types of transactions, including the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">any transaction in which either Vale or Vale Overseas acquires the stock or assets of another person;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">any transaction that involves a change of control of Vale or Vale Overseas, but in which neither Vale nor Vale Overseas merges or consolidates; and</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">any transaction in which Vale or Vale Overseas sells or otherwise disposes of less than substantially all of its properties and assets.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in"><I>Substitution
of Vale Overseas as issuer</I></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Without
the consent of any holders of debt securities, Vale or any wholly owned subsidiary of Vale may, at any time and in Vale&rsquo;s sole discretion,
replace Vale Overseas as issuer and principal debtor in respect of any series of debt securities issued by Vale Overseas, provided that
Vale, the successor issuer (if a wholly owned subsidiary of Vale) and the trustee enter into a supplemental indenture under which (i)
the successor issuer assumes all of the obligations of Vale Overseas under such debt securities and, unless the successor issuer is Vale,
Vale reaffirms that its existing guarantee remains in full force and effect, and (ii) the successor issuer agrees to a covenant in terms
corresponding to the obligations of Vale Overseas in respect of the payment of additional amounts as described under &ldquo;&mdash; Payment
of Additional Amounts&rdquo; (but replacing references to the Cayman Islands with references to the jurisdiction of organization of the
successor issuer, as applicable). The successor issuer will have the right to an effect the optional redemption for tax reasons as described
below under &ldquo;&mdash; Optional Tax Redemption&rdquo; or provided for in the prospectus supplement.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Upon
a substitution of Vale Overseas as issuer as described hereunder, the successor issuer will succeed to, and may exercise every right and
power of, Vale Overseas under the relevant series of debt securities under the applicable indenture with the same effect as if such successor
issuer had been named as the issuer under the applicable indenture and the debt securities, and Vale Overseas will be released from its
liability as obligor upon such debt securities. Any such substitution might be treated for U.S. federal income tax purposes as a deemed
disposition of debt securities by a U.S. holder in exchange for new debt securities issued by the new obligor. As a result of this deemed
disposition, a U.S. holder could be required to recognize capital gain or loss for U.S. federal income tax purposes equal to the difference,
if any, between the issue price of the new debt securities (as determined for U.S. federal income tax purposes), and the U.S. holder&rsquo;s
tax basis in the debt securities. U.S. holders should consult their tax advisors concerning the U.S. federal income tax consequences to
them of a change in obligor with respect to the debt securities. (<I>Section 8.4</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Limitation
on Liens</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Unless
otherwise specified in the applicable prospectus supplement, Vale will covenant that for so long as any debt securities remain outstanding,
Vale will not create, incur, issue or assume any mortgage, charge, pledge, lien, hypothecation, security interest or other encumbrance,
including, without limitation, any equivalent of the foregoing created under the laws of Brazil or any other jurisdiction (each a &ldquo;Lien&rdquo;)
on or over any Restricted Property (as defined below) to secure Indebtedness, other than a Permitted Lien (as defined below), without
in any such case effectively providing that the outstanding debt securities (together with, if Vale shall so determine, any other Indebtedness
of Vale) shall be secured equally and ratably with or prior to such secured Indebtedness. (<I>Section&nbsp;10.6</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">For
the purposes of this covenant, &ldquo;Permitted Liens&rdquo; means any Lien:</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">granted upon or with regard to any Restricted Property acquired by Vale after the date of the issuance of the debt securities to secure the purchase price of such Restricted Property or to secure Indebtedness incurred solely for the purposes of financing the acquisition of such Restricted Property;&nbsp;<I>provided, however</I>, that the maximum sum secured thereby shall not exceed 130% of the purchase price of such Restricted Property or the Indebtedness incurred solely for the purposes of financing the acquisition of such Restricted Property;</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">granted upon or with regard to any Restricted Property (including any improvements on or to an existing Restricted Property), after the date of the issuance of the debt securities, to secure the payment of all or any part of the cost of development, expansion or construction of or improvement on or to such Restricted Property or to secure Indebtedness incurred solely for the purposes of financing all or any part of the cost of development, expansion or construction of or improvements on or to such Restricted Property;&nbsp;<I>provided, however</I>, that the maximum sum secured thereby shall not exceed the higher of cost or fair market value of that development, expansion, construction or improvement;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">in existence on the date of the issuance of the applicable series of debt securities and any extension, renewal or replacement thereof;&nbsp;<I>provided, however</I>, that the total amount of Indebtedness so secured shall not exceed the amount so secured on the date of the issuance of the applicable series of debt securities;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">arising by operation of law, such as tax, merchants&rsquo;, maritime or other similar liens arising in the ordinary course of business of Vale;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">arising in the ordinary course of business in connection with the financing of export, import or other trade transactions to secure Indebtedness of Vale;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">arising in connection with Lease Obligations;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">securing or providing for the payment of Indebtedness incurred for the purposes of financing all or a part of the ownership, acquisition, construction, development or operation of any project by Vale, any Subsidiary of Vale or any consortium or other venture in which Vale has any ownership or other similar interest;&nbsp;<I>provided&nbsp;</I>that such lien only extends to (a) Restricted Properties (which may include existing Restricted Properties at any pre-existing site selected for expansion and any concession, authorization or other legal right granted by any governmental authority) which are the subject of such project financing, (b) any revenues from such Restricted Properties, (c) any proceeds from claims belonging to Vale, any Subsidiary of Vale or any consortium or other venture in which Vale has any ownership or other similar interest which arise from the operation, failure to meet specifications, failure to complete, exploitation, sale or loss of, or damage to, such Restricted Property, or (d) shares or other ownership interest in, and any subordinated debt claims against, the project entity whose principal assets and business are constituted by such project;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">granted upon or with regard to any present or future Restricted Property of Vale to secure borrowings from, or funded directly or indirectly by, or effected indirectly through intermediaries by, (i) any Brazilian governmental credit agency (including, but not limited to the Brazilian National Treasury, Banco Nacional de Desenvolvimento Econ&ocirc;mico e Social, BNDES Participa&ccedil;&otilde;es S.A., Financiadora de Estudos e Projetos and Ag&ecirc;ncia Especial de Financiamento Industrial); (ii) any Brazilian official financial institutions (including, but not limited to Banco da Amaz&ocirc;nia S.A. &ndash; BASA and Banco do Nordeste do Brasil S.A. &ndash; BNB); (iii) any non-Brazilian official export-import bank or official export-import credit insurer; or (iv) the International Finance Corporation or any non-Brazilian multilateral or government-sponsored agency;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">existing on any asset prior to the acquisition thereof by Vale, whether by merger, consolidation, purchase of assets or otherwise, and not created in contemplation of such acquisition;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">created over funds reserved for the payment of principal, interest and premium, if any, due in respect of the applicable series of debt securities; or</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">not otherwise described in the items referred to above, provided that the aggregate amount of Indebtedness secured pursuant to this exception shall not, on the date any such Indebtedness is incurred, exceed an amount equal to 15% of Vale&rsquo;s consolidated total assets (calculated on the basis of Vale&rsquo;s latest quarterly unaudited or annual audited consolidated financial statements, whichever is the most recently prepared, in accordance with Reporting GAAP.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">For
the purposes of this covenant, &ldquo;Restricted Property&rdquo; means (a) the interest of Vale in any (i) mineral property or concession,
authorization or other legal right granted in respect of minerals by any governmental authority, (ii) manufacturing or processing plant,
building, structure or other facility used in connection with the processing, refining or manufacturing of minerals or metals, together
with the land upon which it is erected and fixtures comprising a part thereof, or (iii) railroad, marine terminal or port, whether owned
as of the date of the issuance of the debt securities or thereafter acquired or constructed and (b) any shares of capital stock owned
by Vale of a Subsidiary that has interests in the kinds of property described in clauses (i), (ii) or (iii) of (a) above.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">&ldquo;Reporting
GAAP&rdquo; means the International Financial Reporting Standards, as adopted by the International Accounting Standards Board or any other
accounting standard that Vale may adopt as its primary reporting accounting standard in its reports filed with the SEC pursuant to Section
13 or 15(d) of the Securities Exchange Act.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">For
the purposes of this covenant, &ldquo;Subsidiary&rdquo; means an entity of which Vale directly or indirectly owns more than 51% of the
outstanding voting shares and Vale has the ability to elect a majority of the members of the board of directors or other governing body.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">You
should consult the prospectus supplement relating to your debt securities for further information about these covenants and whether they
are applicable to your debt securities.</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Defeasance
and Discharge</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">The
following discussion of full defeasance and discharge and covenant defeasance and discharge will only be applicable to your series of
debt securities if Vale or Vale Overseas, as applicable, chooses to apply them to that series, in which case we will so state in the prospectus
supplement. (<I>Section 12.1 of the Vale indenture; Section 13.1 of the Vale Overseas indenture</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">If
the applicable prospectus supplement states that full defeasance will apply to a particular series, Vale and (in the case of debt securities
issued under the Vale Overseas indenture) Vale Overseas will be legally released from any payment and other obligations on the debt securities,
except for various obligations described below (called &ldquo;full defeasance&rdquo;), provided that Vale or Vale Overseas, as applicable,
in addition to other actions, puts in place the following arrangements for you to be repaid:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Vale or Vale Overseas, as applicable, must irrevocably deposit in trust for your benefit and the benefit of all other direct holders of the debt securities a combination of money and U.S. government or U.S. government agency debt securities or bonds that, in the opinion of a nationally recognized firm of independent public accountants, will generate enough cash to make interest, principal and any other payments, including additional amounts, on the debt securities on their various due dates.</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Vale or Vale Overseas, as applicable, must deliver to the trustee a legal opinion of counsel, based upon a ruling by the U.S. Internal Revenue Service or upon a change in applicable U.S. federal income tax law, confirming that under then current U.S. federal income tax law Vale or Vale Overseas, as applicable, may make the above deposit without causing you to be taxed on the debt securities any differently than if Vale or Vale Overseas, as applicable, did not make the deposit and instead repaid the debt securities itself. (<I>Sections 12.2 and 12.4 of the Vale indenture; Sections 13.2 and 13.4 of the Vale Overseas indenture</I>)</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">If
Vale or Vale Overseas ever did accomplish full defeasance as described above, you would have to rely solely on the trust deposit for repayment
on the debt securities. You could not look to Vale or Vale Overseas for repayment in the unlikely event of any shortfall. However, even
if Vale or Vale Overseas takes these actions, a number of our obligations relating to the debt securities will remain. These include the
following obligations:</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">to register the transfer and exchange of debt securities;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">to replace mutilated, destroyed, lost or stolen debt securities;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">to maintain paying agencies; and</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">to hold money for payment in trust.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Covenant
Defeasance</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">If
the applicable prospectus supplement states that covenant defeasance will apply to a particular series, Vale or Vale Overseas can make
the same type of deposit described above and be released from all or some of the restrictive covenants (if any) that apply to the debt
securities of the particular series. This is called &ldquo;covenant defeasance.&rdquo; In that event, you would lose the protection of
those restrictive covenants but would gain the protection of having money and securities set aside in trust to repay the debt securities.
In order to achieve covenant defeasance, Vale or Vale Overseas would be required to take all of the steps described above under &ldquo;&mdash;Defeasance
and Discharge&rdquo; except that the opinion of counsel would not have to refer to a change in United States Federal income tax laws or
a ruling from the United States Internal Revenue Service. (<I>Sections 12.3 and 12.4 of the Vale indenture; Sections 13.3 and 13.4 of
the Vale Overseas indenture</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">If
Vale or Vale Overseas were to accomplish covenant defeasance, the following provisions of the indenture and the debt securities would
no longer apply:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">any covenants applicable to the series of debt securities and described in the applicable prospectus supplement; and</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the events of default relating to breach of the defeased covenants, described below under &ldquo;&mdash;Events of Default&mdash;What Is an Event of Default?&rdquo;</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">If
Vale or Vale Overseas accomplishes covenant defeasance, you would still be able to look to it for repayment of the debt securities if
there were a shortfall in the trust deposit. If any event of default occurs and the debt securities become immediately due and payable,
there may be such a shortfall. Depending on the event causing the default, you may not be able to obtain payment of the shortfall. (<I>Sections
12.3 and 12.4 of the Vale indenture; Sections 13.3 and 13.4 of the Vale Overseas indenture</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Ranking</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">The
debt securities will rank equally with all the other unsecured and unsubordinated Indebtedness of Vale or Vale Overseas, as the case may
be. The guarantees will rank equally with all other unsecured and unsubordinated Indebtedness of Vale. (<I>Section 10.10</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Events
of Default</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Each
indenture provides that you will have special rights if an event of default occurs and is not cured or waived, as described later in this
subsection and as may be specified in the applicable prospectus supplement.</P>

<P STYLE="color: rgb(0, 0, 0); font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">What
Is an Event of Default?</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Each
indenture provides that the term &ldquo;event of default&rdquo; with respect to any series of debt securities means any of the following:</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">failure to pay any interest (or additional amounts, if any) on any of the debt securities of that series on the date when due, which failure continues for a period of 30 days; or failure to pay any principal or premium, if any (or additional amounts, if any), on any of the debt securities of that series on the date when due, which failure continues for a period of seven days;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">in relation to Vale, its significant subsidiaries and (in the case of debt securities issued under the Vale Overseas indenture) Vale Overseas: any default or event of default occurs and is continuing under any agreement, instrument or other document evidencing outstanding Indebtedness in excess of US$200&nbsp;million in aggregate (or its equivalent in other currencies) and such default or event of default results in the actual acceleration of such Indebtedness;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Vale or (in the case of debt securities issued under the Vale Overseas indenture) Vale Overseas fails to duly perform or observe any other covenant or agreement in respect of the debt securities of that series and such failure continues for a period of 90 days after Vale or Vale Overseas, as applicable, receives a notice of default stating that it is in breach. The notice must be sent by either the trustee or holders of 25% of the principal amount of debt securities of the affected series;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Vale or a significant subsidiary of Vale or (in the case of debt securities issued under the Vale Overseas indenture) Vale Overseas (i) has a court decree or order in an involuntary case or proceeding under any applicable bankruptcy, insolvency, suspension of payments, reorganization or other similar law, entered against it, or has a court decree or order adjudging it bankrupt or insolvent, or suspending its payments, or approving a petition seeking its reorganization, arrangement, adjustment or composition or appointing a liquidator or other similar official of it or of any substantial part of its property, or ordering its winding up or liquidation of its affairs, and the decree or order remains unstayed and in effect for a period of 90 consecutive days; or (ii) commences a voluntary bankruptcy, insolvency, reorganization or other similar proceeding, or consents to a decree or order in, or commencement of, an involuntary bankruptcy, or files or consents to the filing of a petition or answer or consent seeking reorganization or relief, or consents to the appointment of a liquidator or similar official of it or of any substantial part of its property, or makes an assignment for the benefit of its creditors, or admits in writing its inability to pay its debts generally as they become due, or takes any corporate action in furtherance of any such action, or is generally unable to make payment of its obligations as they come due;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">any illegality event occurring and continuing under the 8.25% notes due 2034 of Vale Overseas, guaranteed by Vale in excess of US$200 million in aggregate, which results in the actual acceleration of such debt securities; or</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">in the case of debt securities issued under the Vale Overseas indenture, a final judgment or judgments (not subject to appeal) determines the guaranty of such debt securities to be unenforceable or invalid, such guaranty ceases for any reason to be valid and binding or enforceable against Vale, or Vale or any person acting on its behalf denies or disaffirms its obligations under such guaranty. (<I>Section 5.1</I>)</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">For
the purposes of this description of debt securities, &ldquo;Indebtedness,&rdquo; with respect to any person, means, without duplication,
any amount payable (whether as a direct obligation or indirectly through a guaranty by such person) pursuant to (i) an agreement or instrument
involving or evidencing money borrowed, (ii) a conditional sale or a transfer with recourse or with an obligation to repurchase or (iii)
Lease Obligations of such Person;&nbsp;<I>provided</I>,&nbsp;<I>however</I>, that as used in the cross-acceleration provision described
in the second bullet point above, &ldquo;Indebtedness&rdquo; will not include any payment made by Vale on behalf of an affiliate, upon
any Indebtedness of such affiliate becoming immediately due and payable as a result of a default by such affiliate, pursuant to a guaranty
or similar instrument provided by Vale in connection with such indebtedness, provided that such payment made by Vale is made within five
business days of notice being provided to Vale that payment is due under such guaranty or similar instrument.</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">For
the purposes of the definition of Indebtedness, &ldquo;affiliate&rdquo; means any individual, corporation, limited liability company,
partnership, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof that (i) Vale
directly or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with or (ii) in which
Vale has a 20% or more holding of voting shares. (<I>Section 1.1</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">For
the purposes of the definition of Indebtedness, &ldquo;Lease Obligations&rdquo; means, with respect to any person, the obligations of
such person to pay rent or other amounts under a lease of (or other agreement conveying the right to use) real and/or personal property,
which obligations are required to be classified and accounted for as a lease or liability set forth on a balance sheet of such person
under Reporting GAAP;&nbsp;<I>provided</I>&nbsp;that &ldquo;Lease Obligations&rdquo; shall not include any obligations of such person
that are or would have been treated as operating leases for purposes of Reporting GAAP prior to the adoption of IFRS 16 (whether or not
such operating lease obligations were in effect on the date of adoption of IFRS 16) notwithstanding the fact that such obligations may
be required to be treated as lease obligations in accordance with IFRS 16 (on a prospective or retroactive basis or otherwise). The stated
maturity of such obligations shall be the date of the last payment of rent or any other amount due under such lease prior to the first
date upon which such lease may be terminated by the lessee without payment of a penalty. The principal amount of such obligations shall
be the capitalized amount that would appear on the balance sheet of such person in accordance with Reporting GAAP.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">For
the purposes of the description of &ldquo;Events of Default&rdquo; above and &ldquo;Remedies upon an Event of Default&rdquo; below, &ldquo;significant
subsidiary&rdquo; means, at any time, a Subsidiary of which Vale&rsquo;s and its other Subsidiaries&rsquo; proportionate share of the
total assets (after intercompany eliminations) exceeds 10% of the total assets of the consolidated group as of the end of the most recently
completed fiscal year. (<I>Section 1.1</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">An
event of default for a particular series of debt securities does not necessarily constitute an event of default for any other series of
debt securities issued under the indenture, although the default and acceleration of one series of debt securities may trigger a default
and acceleration of another series of debt securities. (<I>Section 5.2</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Remedies
upon an Event of Default</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Except
as provided in the next sentence, if an event of default has occurred and is continuing, the trustee at the written request of holders
of not less than 25% in principal amount of the outstanding debt securities of that series will declare the entire principal amount of
the debt securities of that series to be due and payable immediately and upon any such declaration, the principal, accrued interest and
any unpaid additional amounts will become immediately due and payable. If an event of default occurs because of a bankruptcy, insolvency
or reorganization relating to Vale (but not any significant subsidiary) or Vale Overseas (in the case of debt securities issued under
the Vale Overseas indenture), the entire principal amount of the debt securities of that series will be automatically accelerated, without
any declaration or action by the trustee or any holder, and any principal, accrued interest or additional amounts will become due and
payable.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Each
of the situations described above is called an acceleration of the maturity of the debt securities under the applicable indenture. If
the maturity of the debt securities of any series is accelerated and a judgment for payment has not yet been obtained, the holders of
a majority in aggregate principal amount of the outstanding debt securities of that series may cancel the acceleration of the debt securities,
provided that Vale or Vale Overseas, as applicable, has paid or deposited with the trustee under the applicable indenture a sum sufficient
to pay (i) all overdue interest and any additional amounts on all of the debt securities of the series, (ii) the principal of any debt
securities of the series which have become due (other than amounts due solely because of the acceleration), (iii) interest upon overdue
interest at the rate borne by (or prescribed therefor in) the debt securities of that series (to the extent that payment of this interest
is lawful), and (iv) all sums paid or advanced by the trustee under the applicable indenture and all amounts Vale or Vale Overseas owe
the trustee; and provided further that all other defaults with respect to the debt securities of that series have been cured or waived.
(<I>Section 5.2</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">The
trustee is not required under either of the indentures to expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties under the applicable indenture, or in the exercise of any of its rights or powers, if the trustee has
reasonable grounds for believing that repayment of the funds or adequate indemnity against such risk or liability is not reasonably assured
to it. (<I>Section 6.1</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Before
you bypass the trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights or protect your
interests relating to the debt securities, the following must occur:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">you must give the trustee under the applicable indenture written notice of a continuing event of default;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the holders of not less than 25% in principal amount of the outstanding debt securities of the series must make a written request that the trustee institute proceedings in respect of the event of default;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">they or other holders must offer to the trustee indemnity reasonably satisfactory to the trustee against the costs, expenses and liabilities to be incurred in taking that action;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">the trustee must not have taken action for 60 days after the above steps have been taken; and</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">during those 60 days, the holders of a majority in principal amount of the outstanding debt securities of the series must not have given the trustee directions that are inconsistent with the written request of the holders of not less than 25% in principal amount of the debt securities of the series. (<I>Section 5.7</I>)</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Under
each indenture, you are entitled, however, at any time to bring a lawsuit for the payment of money due on your security and not paid in
full on or after its due date by Vale or Vale Overseas. (<I>Section 5.8</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in"><B><I>Street
name and other indirect holders should consult their banks or brokers for information on how to give notice or direction to or make a
request of the trustee and how to declare or cancel an acceleration of the maturity of the debt securities.</I></B></P>

<P STYLE="color: rgb(0, 0, 0); font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">Waiver
of Default</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">The
holders of not less than a majority in principal amount of the debt securities of any series may waive any default for the debt securities
of the series, except for defaults which cannot be waived without the consent of each holder. If this happens, the default will be treated
as if it had not occurred. No one can waive a payment default, however, without the approval of each holder of the affected series of
debt securities. (<I>Section 5.13</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Vale
and, in the case of the Vale Overseas indenture, Vale Overseas will furnish to the trustee within 120 days after the end of our fiscal
year every year a written statement of certain of our officers and directors, as the case may be, that will either certify that, to the
best of their knowledge, we are in compliance with the indenture and the debt securities or specify any default. (<I>Section 10.4</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in"><B><I>Street
name and other indirect holders should consult their banks or brokers for information on how to give notice or direction to or make a
request of the trustee and how to waive a default.</I></B></P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0in"><B><A NAME="a_021"></A>DESCRIPTION
OF THE GUARANTEES</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">The
following description of the terms and provisions of the guarantees summarizes the general terms that will apply to each guaranty that
we deliver in connection with an issuance of debt securities by Vale Overseas. When Vale Overseas sells a series of debt securities, Vale
will execute and deliver a guaranty of that series of debt securities under the Vale Overseas indenture.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Pursuant
to any guaranty, Vale will irrevocably and unconditionally agree, upon the failure of Vale Overseas to make the required payments under
the applicable series of debt securities and the Vale Overseas indenture, to make any required payment. The amount to be paid by Vale
under the guaranty will be an amount equal to the amount of the payment Vale Overseas fails to make. (<I>Article 12 of the Vale Overseas
indenture</I>)</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0in"><B><A NAME="a_022"></A>PLAN
OF DISTRIBUTION</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0.5in">At
the time of offering any securities, we will supplement the following summary of the plan of distribution with a description of the offering,
including the particular terms and conditions thereof, set forth in a prospectus supplement relating to those securities.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0.5in">Each
prospectus supplement with respect to a series of securities will set forth the terms of the offering of those securities, including the
name or names of any underwriters or agents, the price of such securities and the net proceeds to us from such sale, any underwriting
discounts, commissions or other items constituting underwriters&rsquo; or agents&rsquo; compensation, any discount or concessions allowed
or reallowed or paid to dealers and any securities exchanges on which those securities may be listed.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0.5in">We
may sell the securities from time to time in their initial offering as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify">through agents;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify">to dealers or underwriters for resale;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify">directly to purchasers; or</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify">through a combination of any of these methods of sale.</TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0.5in">In
addition, we may issue the securities as a dividend or distribution or in a subscription rights offering to our existing security holders.
In some cases, we or dealers acting with us or on our behalf may also purchase securities and reoffer them to the public by one or more
of the methods described above. This prospectus may be used in connection with any offering of our securities through any of these methods
or other methods described in the applicable prospectus supplement.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0.5in">The
securities we distribute by any of these methods may be sold to the public, in one or more transactions, either:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify">at a fixed price or prices, which may be changed;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify">at market prices prevailing at the time of sale;</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify">at prices related to prevailing market prices; or</TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD>
    <TD STYLE="text-align: justify">at negotiated prices.</TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0.5in">We
may solicit offers to purchase securities directly from the public from time to time. We may also designate agents from time to time to
solicit offers to purchase securities from the public on our behalf. The prospectus supplement relating to any particular offering of
securities will name any agents designated to solicit offers, and will include information about any commissions we may pay the agents,
in that offering. Agents may be deemed to be &ldquo;underwriters&rdquo; as that term is defined in the Securities Act.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0.5in">From
time to time, we may sell securities to one or more dealers acting as principals. The dealers, who may be deemed to be &ldquo;underwriters&rdquo;
as that term is defined in the Securities Act, may then resell those securities to the public.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0.5in">We
may sell securities from time to time to one or more underwriters, who would purchase the securities as principal for resale to the public,
either on a firm-commitment or best-efforts basis. If we sell securities to underwriters, we may execute an underwriting agreement with
them at the time of sale and will name them in the applicable prospectus supplement. In connection with those sales, underwriters may
be deemed to have received compensation from us in the form of underwriting discounts or commissions and may also receive commissions
from purchasers of the securities for whom they may act as agents. Underwriters may resell the securities to or through dealers, and those
dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from purchasers
for whom they may act as agents. The applicable prospectus supplement will include any required information about underwriting compensation
we pay to underwriters, and any discounts, concessions or commissions underwriters allow to participating dealers, in connection with
an offering of securities.</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0.5in">If
we offer securities in a subscription rights offering to our existing security holders, we may enter into a standby underwriting agreement
with dealers, acting as standby underwriters. We may pay the standby underwriters a commitment fee for the securities they commit to purchase
on a standby basis. If we do not enter into a standby underwriting arrangement, we may retain a dealer-manager to manage a subscription
rights offering for us.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0.5in">We
may authorize underwriters, dealers and agents to solicit from third parties offers to purchase securities under contracts providing for
payment and delivery on future dates. The applicable prospectus supplement will describe the material terms of these contracts, including
any conditions to the purchasers&rsquo; obligations, and will include any required information about commissions we may pay for soliciting
these contracts.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0.5in">Underwriters,
dealers, agents and other persons may be entitled, under agreements that they may enter into with us, to indemnification by us against
certain liabilities, including liabilities under the Securities Act.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0.5in">Unless
otherwise indicated in the prospectus supplement for a particular offering of securities, each series of securities will be a new issue,
and there will be no established trading market for any security prior to its original issue date. We may not list any particular series
of securities on a securities exchange or quotation system. No assurance can be given as to the liquidity or trading market for any of
the securities.</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&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="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A>&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0in"><B><A NAME="a_023"></A>EXPERTS</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: justify; text-indent: 0in">The
financial statements and management&rsquo;s assessment of the effectiveness of internal control over financial reporting (which is included
in Management&rsquo;s Report on Internal Control over Financial Reporting) incorporated in this Prospectus by reference to the Annual
Report on Form 20-F for the year ended December 31, 2022 have been so incorporated in reliance on the report of PricewaterhouseCoopers
Auditores Independentes Ltda., an independent registered public accounting firm, given on the authority of said firm as experts in auditing
and accounting.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: justify; text-indent: 0in">The
technical information incorporated herein by reference to our annual report on Form 20-F filed on April 13, 2023 concerning the Sudbury
Operations, including estimates of mineral resources and mineral reserves, was derived from the Technical Report Summary for these properties
prepared, with an effective date of December 31, 2022, by Charlie Buck, Tiffany Dube, Darren Hodder, Lisa Lanteigne, Xiaolin (Mike) Yao
and Monica Ansah-Sam, each of whom is a qualified person as defined in subpart 1300 of Regulation S-K and an employee of the Company.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&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="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A>&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0in"><B><A NAME="a_024"></A>VALIDITY
OF THE SECURITIES</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Unless
otherwise specified in the applicable prospectus supplement, Cleary Gottlieb Steen &amp; Hamilton LLP will provide an opinion regarding
the validity of the debt securities and the guarantees under New York law; Mr. Alexandre D&rsquo;Ambrosio, General Counsel of Vale S.A.,
will provide an opinion regarding the authorization of the debt securities and guarantees of Vale under Brazilian law; and Walkers will
provide an opinion regarding the authorization of the debt securities of Vale Overseas under Cayman Islands law.</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: normal; word-spacing: 0px; text-indent: 0px">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0in"><B><A NAME="a_025"></A>DATA
PROTECTION</B></P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Prospective
holders of the debt securities should note that, in certain circumstances, personal data may need to be supplied in order for an investment
in the debts securities to be made and for that investment in the debt securities to continue.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Vale
Overseas&rsquo; use of personal data is governed by the Cayman Islands Data Protection Act, 2021 (as amended) and, in respect of any EU
data subjects, the EU General Data Protection Regulation (together, the "Data Protection Legislation").</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">Under
the Data Protection Legislation, individual data subjects have rights and Vale Overseas as data controller has obligations with respect
to the processing of personal data by Vale Overseas and its affiliates and delegates, including but not limited to Intertrust Corporate
Services (Cayman) Limited as administrator. Breach of the Data Protection Legislation by Vale Overseas could lead to enforcement action
against Vale Overseas. Vale Overseas&rsquo; privacy notice provides information on its use of personal data under the Data Protection
Legislation. Vale Overseas&rsquo; privacy notice can be accessed on https://r1.dotdigital-pages.com/p/4VQT-308/cayman-islands-data-protection.</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">If
you are an individual prospective debt security holder, the processing of personal data by and on behalf of the Vale Overseas is directly
relevant to you. If you are an institutional investor that provides personal data on individuals connected to you for any reason in relation
to your investment in the debt securities (for example directors, trustees, employees, representatives, shareholders, investors, clients,
beneficial owners or agents), this will be relevant for those individuals and you should transmit the privacy notice to such individuals
or otherwise advise them of its content.</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><A NAME="a_026"></A>WHERE
YOU CAN FIND MORE INFORMATION</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">We
have filed with the SEC a registration statement on Form F-3 under the Securities Act relating to the debt securities offered by this
prospectus. This prospectus, which is part of the registration statement, does not contain all of the information set forth in the registration
statement and the exhibits and schedules to the registration statement. For further information pertaining to us we refer you to the registration
statement and the exhibits and schedules filed as part of the registration statement. If a document has been filed as an exhibit to the
registration statement, we refer you to the copy of the document that has been filed. Each statement in this prospectus relating to a
document filed as an exhibit is qualified in all respects by the filed exhibit. We file reports, including annual reports on Form 20-F,
and other information with the SEC pursuant to the rules and regulations of the SEC that apply to foreign private issuers. Reports and
other information filed by us with the SEC available to the public from the SEC at http://www.sec.gov. In addition, as with all of our
security filings, they may be accessed at our website, http://www.vale.com. Such filings and other information on our website are not
incorporated by reference (except as described in &ldquo;Incorporation of Certain Documents by Reference,&rdquo; below).</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-top: 6pt">&nbsp;</P>

<P STYLE="color: rgb(0, 0, 0); font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-align: center; text-indent: 0px"><A NAME="a_027"></A>INCORPORATION
OF CERTAIN DOCUMENTS BY REFERENCE</P>

<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">The
SEC allows us to incorporate by reference the information we file with it, which means that we can disclose important information to you
by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus, and certain
later information that we file with the SEC will automatically update and supersede earlier information filed with the SEC or included
in this prospectus or a prospectus supplement. We incorporate by reference the following documents:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000917851/000129281423001516/valeform20f_2022.htm">our annual report on Form 20-F for the fiscal year ended December 31, 2022, filed with the SEC on April 13, 2023</A>&nbsp;(File No. 001-15030 and SEC Accession No. 0001292814-23-001516);</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">any future annual reports on Form 20-F filed with the SEC after the date of this prospectus and prior to the termination of the offering of the debt securities offered by this prospectus;</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman , Times, serif; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; width: 100%; text-decoration: initial; margin-top: 0px; margin-bottom: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">any future reports on Form 6-K that we furnish to the SEC after the date of this prospectus that are identified in such reports as being incorporated by reference in this prospectus.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: rgb(0, 0, 0); font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: normal; word-spacing: 0px; text-indent: 0in">We
will provide without charge to any person to whom a copy of this prospectus is delivered, upon the written or oral request of any such
person, a copy of any or all of the documents referred to above which have been or may be incorporated herein by reference, other than
exhibits to such documents (unless such exhibits are specifically incorporated by reference in such documents). Requests should be directed
to Vale&rsquo;s Investor Relations Department located at Praia de Botafogo 186, 18<SUP>th</SUP>&nbsp;floor, Botafogo, 22250-145, Rio de
Janeiro, RJ, Brazil (telephone: +55-21-3485-3900).</P>

<P STYLE="color: rgb(0, 0, 0); font: 400 14pt Times New Roman, Times, Serif; letter-spacing: normal; word-spacing: 0px; text-indent: 0px; margin-bottom: 6pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 70 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 100%"><A HREF="#toc">Table of Contents</A>&nbsp;</TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in"><IMG SRC="vale20240624424b2_001.jpg" ALT=""></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><B>VALE OVERSEAS LIMITED</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 4.5pt 0 0.25in; text-align: center"><B>US$1,000,000,000 6.400% Guaranteed Notes due 2054</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 4.5pt 0 0.25in; text-align: center"><B>Unconditionally Guaranteed By </B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><B>VALE S.A.</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 4.5pt 0 6pt; text-align: center"><B>_________</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 4.5pt 0 0; text-align: center"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0 0 60pt; text-align: center"><B>_________</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><I>Global Coordinators and Joint
Bookrunners</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; padding-top: 10pt; padding-right: 0.05in; padding-left: 0.05in"><FONT STYLE="font-size: 14pt"><B>BMO Capital Markets</B></FONT></TD>
    <TD STYLE="width: 16%; padding-top: 10pt; padding-right: 0.05in; padding-left: 0.05in; text-align: center"><FONT STYLE="font-size: 14pt"><B>Citigroup</B></FONT></TD>
    <TD STYLE="width: 24%; padding-top: 10pt; padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 14pt"><B>Credit Agricole CIB</B></FONT></TD>
    <TD STYLE="width: 15%; padding-top: 10pt; padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 14pt"><B>HSBC</B></FONT></TD>
    <TD STYLE="width: 19%; padding-top: 10pt; padding-right: 0.05in; padding-left: 0.05in; text-align: right"><FONT STYLE="font-size: 14pt"><B>MUFG</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center; text-indent: 0in"><I>Joint Bookrunners</I></P>

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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt"><B>BofA Securities</B></FONT></TD>
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt"><B>Goldman Sachs &amp; Co. LLC</B></FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt"><B>Bradesco BBI</B></FONT></TD>
    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt"><B>UBS Investment Bank</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">June 25&nbsp;,
2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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