<SEC-DOCUMENT>0001292814-25-001638.txt : 20250425
<SEC-HEADER>0001292814-25-001638.hdr.sgml : 20250425
<ACCEPTANCE-DATETIME>20250424210618
ACCESSION NUMBER:		0001292814-25-001638
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		21
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250425
DATE AS OF CHANGE:		20250424

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vale S.A.
		CENTRAL INDEX KEY:			0000917851
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15030
		FILM NUMBER:		25869476

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE DOCE RIVER CO
		DATE OF NAME CHANGE:	19950602
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>valepr1q25_6k.htm
<DESCRIPTION>6-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">April 2025</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.7pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt; text-align: center; color: #FF0090"><IMG SRC="image_008.jpg" ALT="">&nbsp;</P>
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    <td style="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="width: 99%; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt">
    <p style="font: 9.5pt Vale Sans,sans-serif; margin: 0 5.95pt 6pt 3.7pt; text-align: justify; color: #555555"><I><FONT STYLE="font-family: Vale Sans,sans-serif; color: #555555">&ldquo;We had a consistent start
to the year, aligned with our objectives for 2025. We are seeing good momentum in cost management, with our C1 reaching US$ 21/t in Q1,
continuing the year-on-year downward trajectory. Our value-accretive projects continue to progress, being essential elements towards enhancing
our portfolio flexibility and improving operational and cost efficiency. At Vale Base Metals, the benefits of the Asset Review initiatives
are emerging and we are laser-focused on delivering. Additionally, we have been consistently optimizing our balance sheet through asset-light
solutions, such as the transaction that created the strategic joint venture at Alianca Energia, which will also help us deliver on our
long term decarbonization goals. The current macroeconomic environment and market volatility reinforce the importance of our Vale 2030
strategy, whereby we are building an even more competitive company that can thrive in any market condition. With this approach, I&rsquo;m
confident we&rsquo;ll generate significant value for all of our stakeholders.&quot; </FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #007E7A">commented
Gustavo Pimenta, Chief Executive Officer</FONT></I></p></td></tr>
  </table>

<P STYLE="font: 3pt/120% Arial, Helvetica, Sans-Serif; margin: 0 5.9pt 8pt 0; text-align: justify; text-indent: 0.25in; color: #FF0090">&nbsp;</P>

<P STYLE="font: 3pt/120% Arial, Helvetica, Sans-Serif; margin: 0 5.9pt 5pt 0; text-align: justify; text-indent: 0.25in; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="background-color: #EDB111; padding-top: 2.15pt; padding-right: -2.65pt; padding-bottom: 1pt; text-indent: 0in"><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">8.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="background-color: teal; padding-top: 2.15pt; padding-bottom: 1pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: white; line-height: 120%"><B>Selected financial indicators</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 1%; background-color: #EDB111; padding-right: -2.65pt; text-indent: 0in"><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">9.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Net operating revenues</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;8,119</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;8,459</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-4%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;10,124</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-20%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EDB111; padding-right: -2.65pt; text-indent: 0in"><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">10.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Total costs and expenses (ex-Brumadinho and dams decharacterization)<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(5,803)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(5,897)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-2%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(7,263)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-20%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Expenses related to Brumadinho and dams decharacterization</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(97)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(41)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;137%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(111)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-13%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EDB111; padding-right: -2.65pt; text-indent: 0in"><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">11.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Adjusted EBIT</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;2,411</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;2,724</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-11%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;2,992</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-19%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EDB111; padding-right: -2.65pt; text-indent: 0in"><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">12.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;3,115</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;3,438</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-9%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;3,794</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-18%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EDB111; padding-right: -2.65pt; text-indent: 0in"><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">13.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Proforma EBITDA<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;3,212</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;3,503&sup3;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-8%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;4,119</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-22%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EDB111; padding-right: -2.65pt; text-indent: 0in"><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">14.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Proforma EBITDA margin (%)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;40%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;41%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">-1 p.p.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;41%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">-1 p.p.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EDB111; padding-right: -2.65pt; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 1pt">5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Free cash flow</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;504</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;2,221</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-77%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(100)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EDB111; padding-right: -2.65pt; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 1pt">6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Recurring free cash flow</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;504</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;2,245</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-78%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;817</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-38%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EDB111; padding-right: -2.65pt; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 1pt">7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Net income (loss) attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;1,394</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;1,679</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-17%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;(694)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EDB111; padding-right: -2.65pt; text-indent: 0in"><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Proforma net income attributable to Vale&#8217;s shareholders&#8308;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;1,471</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;1,695</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-13%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;872</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;69%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EDB111; padding-right: -2.65pt; text-indent: 0in"><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Net debt&#8309;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;12,198</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;10,105</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;21%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;10,499</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;16%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EDB111; padding-right: -2.65pt; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 1pt">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Expanded net debt</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;18,242</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;16,388</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;11%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;16,466</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;11%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #EDB111; padding-right: -2.65pt; text-indent: 0in"><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Myriad Pro,serif; font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Capital expenditures</FONT></TD>
    <TD STYLE="background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1,174</FONT></TD>
    <TD STYLE="border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1,395</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-16%&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1,766</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-34%&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt/120% Vale Sans Light,sans-serif; margin: 2pt 5.95pt 8pt 0; text-align: justify; color: #818181"><SUP>1</SUP> Includes
adjustment of US$ 167 million in 1Q25, US$ 113 million in 4Q24 and US$ 67 million in 1Q24 to reflect the performance of the&nbsp;streaming
transactions at market price. <SUP>2</SUP> Excluding expenses related to Brumadinho. <SUP>3</SUP> Including the EBITDA from associates
and JVs. Historical figures were restated. <SUP>4</SUP> Including leases (IFRS 16).</P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr>
    <td style="white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #FFC000; font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</td>
    <TD STYLE="width: 99%; background-color: #F2F2F2; padding-right: 2pt; padding-left: 2pt">
    <p style="font: 9.5pt Vale Sans,sans-serif; margin: 0 5.95pt 6pt 3.7pt; text-align: justify; color: #555555"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #555555"></FONT></P>

<P STYLE="font: 14pt/150% Vale Sans,sans-serif; margin: 6pt 0 0 7.1pt; color: #007E7A"><B>Results Highlights</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: #007E7A; letter-spacing: -0.3pt">&bull;</FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A; letter-spacing: -0.3pt; line-height: 115%"><B>Sales
performance improved across all business segments.</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555; letter-spacing: -0.3pt; line-height: 115%">Iron
ore sales increased by 4% (2.3 Mt) y/y, while copper and nickel sales increase by 7% (5.1 kt) and 18% (5.8 kt), respectively.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: #007E7A; letter-spacing: -0.3pt">&bull;</FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A; letter-spacing: -0.3pt; line-height: 115%"><B>The average
realized iron ore fines price was US$ 90.8/t, </B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555; letter-spacing: -0.3pt; line-height: 115%">remaining
almost flat q/q while decreased by 10% y/y, driven by lower 62%Fe price index.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: #007E7A; letter-spacing: -0.3pt">&bull;</FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A; letter-spacing: -0.3pt; line-height: 115%"><B>Proforma
EBITDA decreased by 8% y/y, totaling US$ 3.2 billion.</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555; letter-spacing: -0.3pt; line-height: 115%">Higher
sales volumes and lower unit costs in iron ore, combined with the improved performance of Vale Base Metals partly offset the impact of
lower iron ore and nickel prices.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: #007E7A; letter-spacing: -0.3pt">&bull;</FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A; letter-spacing: -0.3pt; line-height: 115%"><B>Iron
ore fines&rsquo; C1 cash cost, excluding third-party purchases, decreased by 11% y/y, reaching US$ 21.0/t,</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555; letter-spacing: -0.3pt; line-height: 115%">continuing
the downward trajectory. Vale remains highly confident in achieving its 2025 C1 cash cost guidance of US$ 20.5-22.0/t.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: #007E7A; letter-spacing: -0.3pt">&bull;</FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A; letter-spacing: -0.3pt; line-height: 115%"><B>Copper
all-in costs were 63% lower y/y, reaching US$ 1,212/t, </B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555; letter-spacing: -0.3pt; line-height: 115%">driven
by consistent operating performance and higher by-products revenues. </FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A; letter-spacing: -0.3pt; line-height: 115%"><B>Nickel
all-in costs</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555; letter-spacing: -0.3pt; line-height: 115%">(PTVI-adjusted),</FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A; letter-spacing: -0.3pt; line-height: 115%"><B>were
4% lower y/y, totaling US$ 15,730/t.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: #007E7A; letter-spacing: -0.3pt">&bull;</FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A; letter-spacing: -0.3pt; line-height: 115%"><B>Capital
expenditures of US$ 1.2 billion were US$ 221 million lower y/y</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555; letter-spacing: -0.3pt; line-height: 115%">,
and in line with the revised implementation plan for 2025. CAPEX guidance for 2025 remains at US$ 5.9 billion.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: #007E7A; letter-spacing: -0.3pt">&bull;</FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A; letter-spacing: -0.3pt; line-height: 115%"><B>Recurring
free cash flow generation was US$ 504 million, US$ 1.7 billion lower y/y</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555; letter-spacing: -0.3pt; line-height: 115%">,
reflecting lower EBITDA and higher working capital.</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; color: #007E7A; letter-spacing: -0.3pt">&bull;</FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A; letter-spacing: -0.3pt; line-height: 115%"><B>Expanded
net debt of US$ 18.2 billion as of March 31<SUP>st </SUP>was US$ 1.8 billion higher q/q</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555; letter-spacing: -0.3pt; line-height: 115%">,
mpacted by dividends and interest on capital payments.</FONT></P>
<P STYLE="font: 9.5pt Vale Sans,sans-serif; margin: 0 5.95pt 6pt 3.7pt; text-align: justify; color: #555555"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #555555"></FONT></p></td></tr>
  </table>
<P STYLE="font: 6pt/120% Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #818181">&nbsp;</P>


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<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; color: #FF0090">&nbsp;</P>



<P STYLE="font: 10pt/120% Arial, Helvetica, Sans-Serif; margin: 0; color: #FF0090"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 2.15pt 0 0; text-align: justify; color: #007E7A"><B>Business Highlights</B></P>
    <P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: justify"><IMG SRC="image_009.jpg" ALT=""></P></TD>
    <TD STYLE="width: 85%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin: 2.15pt 0 3pt; text-align: justify; color: #D2A000"><B>Iron Ore Solutions</B></P>
    <P STYLE="font: 12pt/11.4pt Times New Roman, Times, Serif; margin: 10pt 0 10pt 11.55pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">&#8226;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt"><B>Vale continues to advance its autonomous program</B></FONT>
    <FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">and has recently completed the implementation of the autonomous
    operating system for three yard machines at the Terminal Ilha da Gua&iacute;ba (TIG port) in Brazil. The adoption of this technology enhances
    safety and improves operational efficiency. Vale invested USD 10 million in implementing the technology at the TIG port.</FONT></P>
    <P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 10pt 0 10pt 11.55pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">&#8226;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt"><B>The commissioning of the Vargem Grande 1 and Capanema projects
    is progressing</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">, adding operational and product portfolio
    flexibility for Vale. Both projects will reach full capacity in the first half of 2026, representing a significant step towards achieving
    the production guidance for 2025 (325-335 Mt) and 2026 (340-360 Mt).</FONT></P>
    <P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin: 6pt 0 3pt; text-align: justify; color: #D2A000"><B>Energy Transition Metals</B></P>
    <P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 10pt 0 10pt 11.55pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">&#8226;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt"><B>Salobo successfully completed the second throughput test for
    the Salobo 3 project</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">, with the Salobo complex exceeding
    an average of 35 Mtpa over a 90-day period, in March. Under the terms of the agreement with Wheaton, Salobo received, in April, US$ 144
    million for achieving this milestone. In addition, Wheaton will be required to make annual payments of US$ 8.0 million for a 10-year period
    should Salobo achieve specific mining rates and copper feed grades.</FONT></P>
    <P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin: 6pt 0 3pt; text-align: justify; color: #D2A000"><B>Recent developments</B></P>
    <P STYLE="font: 12pt/11.4pt Times New Roman, Times, Serif; margin: 10pt 0 10pt 11.55pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">&#8226;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt"><B>Vale has entered into an agreement with Global Infrastructure
    Partners (&#8220;GIP&#8221;) to establish a joint venture in Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">,
    a privately held company operating in the Brazilian energy market. Once the transaction is completed, Vale will receive approximately
    US$ 1 billion in cash and hold a 30% stake in the joint venture, while GIP will have the remaining 70%. With the transaction, Vale grants
    competitive energy costs, with prices defined in US dollars without inflation adjustment. The transaction completion is expected in 2H25,
    subject to customary precedent conditions. </FONT></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 2.15pt 0 0; text-align: justify; color: #007E7A"><B>ESG</B></P>
    <P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: justify"><IMG SRC="image_010.jpg" ALT=""></P></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin: 2.15pt 0 3pt; text-align: justify; color: #D2A000"><B>Decarbonization</B></P>
    <P STYLE="font: 12pt/11.4pt Times New Roman, Times, Serif; margin: 10pt 0 10pt 11.55pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">&#8226;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt"><B>Vale and Green Energy Park's project has been selected as
    one of the flagship projects of the European Union's Global Gateway Program in the Climate and Energy category. </B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">The
    project seeks to enable the construction of a green hydrogen unit to supply the future development of a Mega Hub in Brazil and is part
    of the &#8220;Brazil North-East Green Energy Parks and Green Shipping Corridors&#8221; initiative. The Global Gateway is a European Union
    initiative that aims to commit up to &#8364; 300 billion in global sustainable investments between 2021 and 2027. </FONT></P>
    <P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin: 6pt 0 3pt; text-align: justify; color: #D2A000"><B>Transparency</B></P>
    <P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 10pt 0 10pt 11.55pt; text-align: justify; text-indent: -8.5pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555">&#8226;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #555555">&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #555555"><B>Vale has published its Integrated report for
    2024</B></FONT><B><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555">,</FONT></B><FONT STYLE="color: #555555; font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">
    available </FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: blue">here</FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555">,
    reinforcing our commitment to transparent and comparable reporting on our ESG progress and challenges.</FONT></P>
    <P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 10pt 0 10pt 11.55pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">&#8226;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt"><B>The annual edition of the Tax Transparency Report will be
    released in May</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">. Referring to fiscal year 2024, the
    document details how Vale's tax contributions foster and drive social and economic development in the jurisdictions in which it operates.</FONT></P>
    <P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 10pt 0 10pt 11.55pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">&#8226;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt"><B>Vale is an early adopter of ISSB standards</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">,
    aiming at enhancing transparency related to climate risks and opportunities. The first report is expected to be published in the first
    semester of 2025.</FONT></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 2.15pt 0 0; text-align: justify; color: #007E7A"><B>Reparation</B></P>
    <P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: justify"><IMG SRC="image_011.jpg" ALT=""></P></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin: 2.15pt 0 3pt; text-align: justify; color: #D2A000"><B>Brumadinho</B></P>
    <P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 10pt 0 10pt 11.55pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">&#8226;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt"><B>The Brumadinho Integral Reparation Agreement continues to
    progress</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">, with approximately 75% of the agreed-upon
    commitments completed by 1Q25 and in accordance with the deadlines outlined in the settlement. In addition, R$ 3.9 billion has been paid
    in individual compensation since 2019. </FONT></P>
    <P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin: 6pt 0 3pt; text-align: justify; color: #D2A000"><B>Mariana</B></P>
    <P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 10pt 0 10pt 11.55pt; text-align: justify; text-indent: -8.5pt; color: #555555"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">&#8226;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt"><B>The Samarco reparation continues to progress</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt">,
    with R$ 48 billion disbursed and more than 450 thousand people compensated by the end of March 2025.</FONT></P>
    <P STYLE="font: 9.5pt/120% Vale Sans Light,sans-serif; margin: 10pt 0 1pt; text-align: justify; text-indent: 9.5pt; color: #555555">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Arial, Helvetica, Sans-Serif; margin: 0; color: #FF0090">&nbsp;</P>


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<P STYLE="font: 22pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><B>Financials</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 44%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 11%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Proforma EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Net operating revenues</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8,119&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8,459</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-4%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;10,124</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-20%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">COGS</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(5,451)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(5,367)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(6,268)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-13%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">SG&amp;A</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(145)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(140)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(206)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-30%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Research and development</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(123)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(156)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-21%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(253)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-51%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pre-operating and stoppage expenses</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(90)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(92)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-2%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(131)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-31%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Brumadinho &amp; decharacterization of dams&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(97)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(41)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;137%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(111)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-13%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Non-recurring expenses</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(24)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(214)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other operational expenses (excluding non-recurring expenses)&sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(118)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(191)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">EBITDA from associates and JVs</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;192&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;203</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-5%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;242</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-21%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Adjusted EBIT</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,411&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,724</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-11%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,992</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-19%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation, amortization &amp; depletion</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;704&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;714</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-1%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;802</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-12%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Adjusted EBITDA</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3,115&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3,438</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-9%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3,794</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-18%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Proforma EBITDA&sup3; &#8308;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,212&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,503&#8308;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-8%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4,119</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-22%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Reconciliation of Proforma EBITDA to Net Income</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Proforma EBITDA&sup3; &#8308;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,212&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,503&#8308;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-8%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4,119</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-22%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Brumadinho &amp; decharacterization of dams&sup1; and non-recurring items</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(97)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(65)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;49%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(325)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-70%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Impairment and results on disposal of non-current assets&sup2; &#8309; </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(420)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(73)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;475%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1,960)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-79%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">EBITDA from associates and JVs</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(192)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(203)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-5%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(242)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-21%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Equity results on associates and JVs and other results</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;59&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;124</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-52%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;69</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-14%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Financial results</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;185&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(437)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1,760)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Income taxes</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(647)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(448)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;44%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;29</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation, depletion &amp; amortization</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(704)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(714)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-1%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(802)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-12%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,396&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,687</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-17%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(872)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-75%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(178)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net income (loss) attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,394&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,679</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-17%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(694)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Non-recurring items&#8310;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;77&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;381%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,566</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-95%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Proforma net income (loss) attributable to Vale&#8217;s shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,471&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,695</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-13%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;872</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;69%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-top: 0.15pt; padding-bottom: 1pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%"><SUP>1</SUP> Find more information of expenses in Annex 4: Brumadinho &amp; Decharacterization. <SUP>2</SUP> Includes adjustment of US$ 167 million in 1Q25, US$ 113 million in 4Q24 and US$ 67 million in 1Q24 to reflect the performance of the streaming transactions at market price. <SUP>3</SUP> Excluding expenses related to Brumadinho. <SUP>4</SUP> Starting 4Q24 it excludes non-recurring items. Previous periods were restated. <SUP>5</SUP> Net. <SUP>6 </SUP>Includes impairments, non-recurring expenses and income taxes adjustments.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt/112% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/112% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: #007E7A"><B>EBITDA<BR>
<BR>
</B></FONT><B><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A; letter-spacing: -0.15pt">Proforma EBITDA
of US$ 3.2 billion in 1Q25</FONT></B><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #555555; letter-spacing: -0.15pt">,
8% lower y/y, mainly as a result of 16% lower iron ore reference prices, partially offset by the positive effect of the BRL depreciation,
as well as by lower costs and expenses in the iron ore business and at Vale Base Metals.</FONT></P>

<P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #0ABB98"><B>Proforma EBITDA 1Q25 vs. 1Q24
- US$ million </B></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_013.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #0ABB98; line-height: 120%"><B></B></FONT></P>

<P STYLE="font: 6pt/104% Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #818181"><SUP>1</SUP> Excluding Brumadinho
expenses. 1Q24 Proforma EBITDA was restated including one-off events (US$ 24 million). <SUP>2</SUP> Including Associates and JV&#8217;s
EBITDA and volume effects.</P>

<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B><BR>
Net Income</B></P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Proforma
net income was US$ 1.5 billion in 1Q25, 13% lower y/y,</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">mainly
due to lower Proforma EBITDA and higher income taxes, largely related to the effect of energy assets held for sale. These effects were
partially offset by a positive impact from financial results, driven by the appreciation of the BRL against the US dollar, which positively
impacted the mark-to-market valuation of swaps. Net income attributable to Vale&#8217;s shareholders was US$ 1.4 billion, 17% lower y/y.</FONT></P>

<P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #0ABB98"><B>Proforma net income 1Q25 vs.
1Q24 &#8211; US$ million</B></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_014.jpg" ALT=""></P>

<P STYLE="font: 6pt/120% Vale Sans Light,sans-serif; margin: 0 0 10pt; text-align: justify; color: #818181"><SUP>1</SUP> Excluding US$
32 million in taxes impacted by non-recurring items. <SUP>2 </SUP>Excluding US$ 117 million in impairment. <SUP>3 </SUP>Including variations
of (i) US$ -65 million equity results on associates and JVs and other results, (ii) US$ 6 million in Net income (loss) attributable to
noncontrolling interests, (iii) US$ 10 million in depreciation, depletion &amp; amortization and (iv) US$ 11 million in EBITDA from associates
and JVs.</P>


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<P STYLE="font: 22pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><B>Capital Expenditures </B></P>

<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>Total CAPEX</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 34%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 13%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Iron Ore Solutions</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;907&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1,001&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-9&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1,036&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-12&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;256&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;367&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-30&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;679&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-62&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&nbsp;&nbsp;Nickel</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;199&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;306&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-35&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;511&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-61&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&nbsp;&nbsp;Copper</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;57&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;61&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-7&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;168&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-66&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Energy and others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;11&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;27&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-59&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;51&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-78&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;1,174&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;1,395&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-16&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;1,766&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-34&#9;%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>Growth Projects </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 34%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 13%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Iron Ore Solutions</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;282&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;320&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-12&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;237&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;19&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;30&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;39&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-23&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;80&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-63&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&nbsp;&nbsp;Nickel</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;27&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;32&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-16&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;73&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-63&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&nbsp;&nbsp;Copper</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-57&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-57&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Energy and others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;312&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;367&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-15&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;324&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-4&#9;%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt/11.4pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Investments
in growth projects totaled US$ 312 million</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">, US$ 55 million
(-15%) lower y/y, mainly as a result of lower disbursements in the Iron Ore Solutions segment as the Capanema and Caraj&aacute;s Railway
Expansion projects ramp-up. </FONT></P>

<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>Sustaining Investments</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 34%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 13%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Iron Ore Solutions</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;625&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;681&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-8&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;799&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-22&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;226&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;328&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-31&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;599&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-62&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&nbsp;&nbsp;Nickel</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;172&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;274&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-37&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;438&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-61&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; padding-left: 4.5pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&nbsp;&nbsp;Copper</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;54&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;54&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;0%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;161&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-66&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Energy and others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;11&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;19&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-42&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;44&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-75&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;862&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;1,028&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-16&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;1,442&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-40&#9;%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Sustaining
investments totaled US$ 862 million</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">, US$ 166 million
(-16%) lower y/y, mainly as a result of lower expenditures in nickel with the commissioning of the second underground mine, Eastern Deeps,
within the Voisey&acute;s Bay Mine Expansion (VBME) project in 4Q24, as well as lower expenditures in mine and railway equipment with
the commissioning of Iron Ore Solutions projects.</FONT></P>


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<P STYLE="font: 22pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><B>Free cash flow</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="width: 44%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 11%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Proforma EBITDA&sup1;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;3,212&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;3,503&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-8&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;4,119&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-22&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Working capital</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(252)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1,524&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;168&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Capex</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(1,174)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(1,395)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-16&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(1,766)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-34&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Net financial expenses&sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(253)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(227)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;11&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(274)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-8&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Income taxes and REFIS</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(596)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(506)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;18&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(416)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;43&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Associates &amp; JVs, net of dividends received&sup3;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(173)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(200)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-14&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(215)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-20&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Brumadinho incurred expenses &amp; dams&#8308;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(146)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(227)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-36&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(226)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-35&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(114)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(227)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-50&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(573)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-80&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Recurring Free Cash Flow</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;504&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;2,245&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-78&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;817&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-38&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Non-recurring events</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(24)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(887)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Acquisition and disposals of non-current assets, net</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;0%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(30)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Free Cash Flow</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;504&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;2,221&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-77&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;(100)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Brumadinho</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(84)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(135)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-38&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(321)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-74&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Samarco</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(162)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(86)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;88&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(504)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-68&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Cash management and others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(1,308)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(1,795)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-27&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1,504&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #FFC000">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Increase/(Decrease) in cash &amp; equivalents</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;(1,050)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;205&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>n.a.</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;579&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>n.a.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 6pt; color: #818181; line-height: 120%">&sup1; Excluding expenses related to Brumadinho and starting 4Q24 it also excludes non-recurring items. Previous periods were restated.&nbsp;&nbsp;&sup2; Includes interest in loans and borrowings and leasing. &sup3; Including US$ 19 million in dividends received in 1Q25, US$ 3 million in 1Q24 and US$ 27 million in 4Q24. &#8308; Includes payments related to dam decharacterization, incurred expenses related to Brumadinho, and others.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Recurring
Free Cash Flow generation reached US$ 504 million in 1Q25</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
US$ 1.741 billion lower y/y, mainly explained by working capital variation (US$ 1.776 billion lower y/y), due to lower cash collection
from accrued sales at the end of 2024 and seasonal factors, such as disbursements related to profit sharing combined with the increase
in inventories balance.</FONT></P>

<P STYLE="font: 9.5pt/120% Vale Sans Light,sans-serif; margin: 10pt 0; text-align: justify; color: #555555">Vale&#8217;s cash position
was seasonally impacted by the US$ 1.979 billion paid in dividends and interest on capital. This was partially offset by continued debt
liability management, with US$ 671 million net cash raised.</P>

<P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #0ABB98"><B>Free
Cash Flow 1Q25 - US$ million</B></P>

<P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin-top: 10pt; margin-bottom: 10pt; text-align: center; color: #0ABB98"><B>&nbsp;<IMG SRC="image_016.jpg" ALT=""></B></P>

<P STYLE="font: 6pt/115% Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #818181">&sup1; Includes interests in loans
and borrowings (US$ -240 million), leasing (US$ -30 million), other financial expenses/revenues (US$ 17 million) and income taxes and
REFIS (US$ -596 million). &sup2; Related to Associates and Joint Ventures EBITDA that was included in the Proforma EBITDA, net of dividends
received. <SUP>3</SUP> Includes incurred expenses on Brumadinho (US$ -67 million) and payments on dam decharacterization (US$ -79 million).
&#8308; Includes disbursements related to railway concession contracts (US$ -81 million), streaming transactions (US$ -167 million), net
cash received on settlement of derivatives (US$ 134 million), and others. &#8309; Payments related to Brumadinho and Samarco. Excludes
incurred expenses. &#8310; Includes disbursements of US$ 1.979 billion in dividends and interest on capital and US$ 940 million in debt
repayment. These were partially offset by US$ 1.611 billion in new loans &amp; bonds.<BR STYLE="clear: both">
</P>


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<P STYLE="font: 22pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><B>Debt</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 10%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Gross debt&sup1;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;15,415&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;13,248&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;16&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;14,792&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;4&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Lease (IFRS 16)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;781&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1,426&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-45&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;713&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;10&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Gross debt and leases</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;16,196&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;14,674&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;10&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;15,505&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;4&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Cash, cash equivalents and short-term investments</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(3,998)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(4,569)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-12&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(5,006)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-20&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Net debt</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;12,198&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;10,105&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;21&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;10,499&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;16&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Currency swaps&sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;75&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(589)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;334&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-78&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Brumadinho provisions</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;2,132&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;2,894&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-26&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1,970&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;8&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Samarco provisions</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;3,837&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;3,978&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-4&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;3,663&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;5&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Expanded net debt</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;18,242&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;16,388&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;11&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;16,466&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;11&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Average debt maturity (years)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;9.5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;7.5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;27&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;8.7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;9&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Cost of debt after hedge (% pa)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;5.5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;5.7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-4&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;5.7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-4&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Total debt and leases / adjusted LTM EBITDA (x)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1.1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;0.8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;38&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1.0&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;10&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Net debt / adjusted LTM EBITDA (x)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;0.8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;0.6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;33&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;0.7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;14&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Adjusted LTM EBITDA / LTM gross interest (x)</FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;16.5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;24.3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-32&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;17.9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-8&#9;%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%"><SUP>1</SUP> Does not include leases (IFRS 16). <SUP>2</SUP> Includes interest rate swaps. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Expanded
net debt increased by US$ 1.8 billion q/q, totaling US$ 18.2 billion</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
with an increase in net debt to US$ 12.2 billion (US$ 1.7 billion higher q/q), as a result of dividends and interest in capital paid in
the quarter. </FONT></P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Gross
debt and leases reached US$ 16.2 billion as of March 31<SUP>st</SUP>, 2025, US$ 0.7 billion higher q/q</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
mainly as a result of the issuance of bonds in the amount of US$ 750 million due in 2054, which was partially used to retrieve bonds due
in 2034, 2036 and 2039.</FONT></P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>The
average debt maturity increased to 9.5 years at the end of 1Q25</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">from
8.7 years at the end of 4Q24, after the bonds issued in February 2025. The average annual cost of debt after currency and interest rate
swaps was 5.5%, falling from 5.7% at the end of 4Q24.</FONT></P>


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<P STYLE="font: 22pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><B>Segments&#8217; Performance </B></P>

<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>Proforma EBITDA from continuing
operations, by business area:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 34%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 13%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #0ABB98; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>2,887</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #0ABB98; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>3,459</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>&#9;-17&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>4,008</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>&#9;-28&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Fines</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">2,333</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">2,507</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-7&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">3,176</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-27&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Pellets</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">536</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">882</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-39&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">770</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-30&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Other Ferrous Minerals</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">18</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">70</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-74&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">62</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-71&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #00B0F0; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Energy Transition Metals&sup1;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #00B0F0; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>554</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #00B0F0; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>257</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #00B0F0; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>&#9;116&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #00B0F0; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>541</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #00B0F0; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>&#9;2&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Nickel</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">41</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">17</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;141&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">55</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-25&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Copper</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">546</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">284</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;92&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">526</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;4&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Other</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(33)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(44)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-25&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(40)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-18&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Others&sup2;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D9D9D9; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;(229)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;(213)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;8&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;(430)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-47&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D9D9D9; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>3,212</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>3,503</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-8&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>4,119</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-22&#9;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%"><SUP>1</SUP> Includes adjustment of US$ 167 million in 1Q25, US$ 113 million in 4Q24 and US$ 67 million in 1Q24 to reflect the performance of the streaming transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027. <SUP>2</SUP> Including a negative effect of provisions related to communities&#8217; programs, reversal of tax credit provisions, and contingency loss. <SUP>3</SUP> Includes US$ 26 million in unallocated expenses from Vale Base Metals Ltd (&quot;VBM&quot;) in 1Q25. Considering the unallocated expenses, VBM&#8217;s EBITDA was US$ 528 million in 1Q25.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>Segment information 1Q25</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 40%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>Net operating revenues</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>Cost&sup1;</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>SG&amp;A and others&sup1;</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>R&amp;D&sup1;</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>Pre operating &amp; stoppage&sup1;</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>Associates and JVs EBITDA</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #EDB111 2.25pt solid; border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>Adjusted EBITDA</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>&#9;6,375&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>&#9;(3,506)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>&#9;(25)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>&#9;(54)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>&#9;(69)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>&#9;166&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>&#9;2,887&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&nbsp;&nbsp;&nbsp;Fines</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;5,154&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(2,810)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(4)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(45)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(58)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;96&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;2,333&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1,055&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(559)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;40&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;536&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&nbsp;&nbsp;&nbsp;Other ferrous</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;166&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(137)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(24)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(8)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(9)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;30&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;18&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #00B0F0; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #00B0F0; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>&#9;1,744&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #00B0F0; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>&#9;(1,284)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #00B0F0; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>&#9;102&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #00B0F0; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>&#9;(32)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #00B0F0; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>&#9;(2)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #00B0F0; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>&#9;26&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #00B0F0; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>&#9;554&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&nbsp;&nbsp;&nbsp;Nickel&sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;969&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(907)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(21)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(22)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;23&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;41&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&nbsp;&nbsp;&nbsp;Copper&sup3;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;900&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(339)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(4)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(10)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;546&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&nbsp;&nbsp;&nbsp;Others&#8308;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(125)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(38)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;127&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(33)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Brumadinho &amp; decharacterization of dams&#8309;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;(97)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;(97)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Non-recurring expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 2.25pt solid; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Others&#8310;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;(192)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;(37)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;(229)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #BFBFBF; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #BFBFBF; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>8,119</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #BFBFBF; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;(4,790)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #BFBFBF; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;(212)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #BFBFBF; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;(123)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #BFBFBF; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;(71)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #BFBFBF; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>192</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #BFBFBF; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>3,115</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="9" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%"><SUP>1</SUP> Excluding depreciation, depletion and amortization. <SUP>2</SUP> Including copper and by-products from our nickel operations. <SUP>3</SUP> Including by-products from our copper operations. <SUP>4</SUP> Includes an adjustment of US$ 167 million increasing the adjusted EBITDA in 1Q25, to reflect the performance of the streaming transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027. <SUP>5 </SUP>Includes US$ 26 million in unallocated expenses from Vale Base Metals Ltd (&quot;VBM&quot;) in 1Q25. Considering the unallocated expenses, VBM&#8217;s EBITDA was US$ 528 million in 1Q25.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans Light,sans-serif; margin: 0 0 10pt; text-align: justify; color: #555555">&nbsp;</P>


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<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0 5.9pt 10pt 0; color: #0ABB98"><B><BR>
<BR>
Highlights</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 34%; border-bottom: #B6B6B6 1pt solid; line-height: 115%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 115%"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 13%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 115%"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 115%"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 115%"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 115%"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 115%"><B>Average Prices (US$/t)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #0ABB98; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #0ABB98; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">Iron ore - 62% Fe price</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;103.6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;123.6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-16&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;103.4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;0%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">Iron ore fines realized price, CFR/FOB</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;90.8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;100.7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-10&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;93.0&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-2&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">Iron ore pellets realized price, CFR/FOB</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;140.8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;171.9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-18&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;143.0&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-2&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 115%"><B>Volume sold (&#8216;000 metric tons) </B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #0ABB98; padding-right: 0.75pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #0ABB98; padding-right: 0.75pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 2.65pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 0.75pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 2.65pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">Fines</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;56,762&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;52,546&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;8&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;69,912&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-19&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">Pellets</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;7,493&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;9,225&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-19&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;10,067&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-26&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">ROM</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;1,886&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;2,056&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-8&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;1,216&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;55&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 115%"><B>Total - Iron ore</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 115%"><B>&#9;66,141&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 115%"><B>&#9;63,827&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 115%"><B>&#9;4&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 115%"><B>&#9;81,196&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 115%"><B>&#9;-19&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 115%"><B>Financials indicators (US$ million)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #0ABB98; padding-right: 0.75pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #0ABB98; padding-right: 0.75pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 2.65pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 2.65pt; text-align: right; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 2.65pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">Net Revenues</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;6,375&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;7,025&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-9&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;8,151&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-22&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">Costs&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;(3,506)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;(3,552)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-1&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;(4,099)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-14&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">SG&amp;A and Other expenses&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;(25)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;(64)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-61&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;(54)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-54&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">Pre-operating and stoppage expenses&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;(69)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;(64)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;8&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;(80)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-14&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">R&amp;D expenses</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;(54)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;(83)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-35&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;(127)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-57&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">EBITDA Associates &amp; JVs</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;166&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;197&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-16&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;217&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-24&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 115%"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 115%"><B>&#9;2,887&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 115%"><B>&#9;3,459&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 115%"><B>&#9;-17&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 115%"><B>&#9;4,008&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 115%"><B>&#9;-28&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">Depreciation and amortization</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;(494)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;(481)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;3&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;(536)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 115%">&#9;-8&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 115%"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 115%"><B>&#9;2,393&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 115%"><B>&#9;2,978&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 115%"><B>&#9;-20&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 115%"><B>&#9;3,472&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 115%"><B>&#9;-31&#9;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%"><SUP>1</SUP> Net of depreciation and amortization.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 6pt 0 10pt; color: #0ABB98"><B><BR>
Adjusted EBITDA per segment</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="width: 34%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 13%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Fines</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;2,333&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;2,507&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-7&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;3,176&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-27&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Pellets</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;536&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;882&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-39&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;770&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-30&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Other ferrous minerals</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;70&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-74&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;62&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-71&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;2,887&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;3,459&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-17&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;4,008&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-28&#9;%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt/112% Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Iron
Ore Solutions EBITDA was US$ 2,887 billion</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">, 17% lower
y/y, mostly explained by a 16% decrease of the iron ore 62%Fe price index.</FONT></P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>In
Iron Ore Fines, EBITDA decreased by 7% y/y, totaling US$ 2,333 billion</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
mostly explained by lower realized prices (US$ 568 million). This effect was partially offset by higher sales volumes (US$ 174 million),
the positive effect of the BRL depreciation (US$ 165 million), and lower freight costs (US$ 38 million).</FONT></P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>In
Iron Ore Pellets, EBITDA decreased by 39% y/y, totaling US$ 536 million</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
mostly explained by lower average realized prices (US$ 243 million) and lower sales volumes (US$ 168 million). These effects were partially
offset by the positive effect of the BRL depreciation (US$ 58 million).</FONT></P>

<P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #0ABB98"><B><BR>
EBITDA variation &#8211; US$ million (1Q25 vs. 1Q24)</B></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9.5pt; color: #007E7A; line-height: 120%"></FONT>&nbsp;</P>

<P STYLE="text-align: center; font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><IMG SRC="image_019.jpg" ALT=""></P>

<P STYLE="font: 6pt/120% Vale Sans Light,sans-serif; margin: 0 0 10pt; text-align: justify; color: #818181"><SUP>1</SUP> Excludes freight
costs. <SUP>2</SUP> Includes associates and JV&#8217;s EBITDA and others.</P>


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<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0 0 20pt"><FONT STYLE="font-size: 22pt; color: #007E7A"><B>Iron Ore Fines<BR>
<BR>
</B></FONT><B><FONT STYLE="font-size: 14pt; color: #0ABB98">Product mix</FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="width: 34%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>000 metric tons</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 13%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>Volume sold</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #0ABB98">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #0ABB98">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #0ABB98">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Fines&sup1;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;56,762&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;52,546</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;8&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;69,912</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-19&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&nbsp;&nbsp;&nbsp;IOCJ</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;4,596&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;9,400</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-51&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;9,287</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-51&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&nbsp;&nbsp;&nbsp;BRBF</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;36,391&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;25,915</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;40&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;43,890</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-17&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&nbsp;&nbsp;&nbsp;Pellet feed - China (PFC1)&sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;3,809&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;2,536</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;50&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;3,585</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;6&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&nbsp;&nbsp;&nbsp;Lump</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1,679&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1,809</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-7&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1,535</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;9&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&nbsp;&nbsp;&nbsp;High-silica products</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1,957&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;7,163&sup3;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-73&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;852</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;130&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&nbsp;&nbsp;&nbsp;Other fines (60-62% Fe)</FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;8,329&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;5,723&sup3;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;46&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;10,764</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-23&#9;%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%"><SUP>1</SUP> Including third-party purchases. <SUP>2</SUP> Products concentrated in Chinese facilities. <SUP>3</SUP> Restated from historical figures.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 10pt 0 0; color: #0ABB98"><B>Revenues </B></P>

<P STYLE="font: 9.5pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B><BR>
The average realized Iron Ore Fines price was US$ 90.8/t</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
US$ 2.2/t lower q/q, mainly due to lower Quality and Premiums (US$ -1.3/t vs. US$1.0/t in 4Q24), impacted by seasonally lower availability
of Northern System ores and lower market premiums.</FONT></P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>The
all-in premium decreased by US$ 2.8/t q/q, totaling US$ 1.8/t</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
and was also impacted by lower iron ore fines premiums.</FONT></P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555"><BR>
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; color: #0ABB98"><B><BR>
Price realization Iron Ore Fines &#8211; US$/t 1Q25</B></FONT></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 10pt; text-align: center"><IMG SRC="image_020.jpg" ALT=""></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #FF0090"><BR>
</FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181"><SUP>1</SUP> Includes quality (US$ 0.7/t)
and premiums/discounts and commercial conditions (US$ -2.0/t). <SUP>2</SUP> Adjustment as a result of provisional prices booked in 4Q24
at US$ 100.8/t. <SUP>3</SUP> Difference between the weighted average of the prices provisionally set at the end of 1Q25 at US$ 101.8/t
based on forward curves and US$ 103.6/t from the 1Q25 average reference price. <SUP>4</SUP> Includes freight pricing mechanisms of CFR
sales freight recognition. <SUP>5</SUP> Vale&#8217;s price is net of taxes.</FONT><BR></P>


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<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0; color: #0ABB98"><B>Costs and expenses</B></P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #0ABB98"><B>Iron ore fines and pellets all-in
costs (cash cost break-even landed in China)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="width: 44%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>US$/t</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 11%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>C1 cash cost, incl. third-party purchase costs&sup1;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;24.7&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;27.5&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-10&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;21.4&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;15&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">C1 cash cost, ex-third-party purchase costs</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;21.0&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;23.5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-11&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;18.8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;12&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Third-party purchases cost adjustments</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;3.7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;4.0&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-8&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;2.6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;42&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Freight cost&sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;18.6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;19.3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-4&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;20.0&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-7&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Distribution cost</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;4.0&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;2.4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;67&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;2.7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;48&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Expenses&sup3; &amp; royalties</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;4.4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;6.7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-34&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;5.8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-24&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Moisture adjustment</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;4.5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;4.9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-8&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;4.1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;10&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Iron ore fines quality adjustment</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1.3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1.6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-19&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(1.0)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Iron ore fines all-in costs (US$/dmt)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;57.5&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;62.4&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-8&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;53.1&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;8&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Pellet business contribution</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(3.1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(3.8)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-18&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(3.6)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-14&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Iron ore fines and pellets all-in costs (US$/dmt)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;54.4&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;58.6&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-7&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;49.5&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;10&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Sustaining investments (fines and pellets)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;9.5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;11.2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-15&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;9.7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-2&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Iron ore fines and pellets all-in costs&#8308; (US$/dmt)</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;63.9&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;69.9&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-9&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;59.1&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;8&#9;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%"><SUP>1</SUP> Ex-ROM, ex-royalties and FOB (US$/t). <SUP>2</SUP> Ex-bunker oil hedge. <SUP>3</SUP> Net of depreciation and associates and JV&#8217;s EBITDA. Including stoppage expenses. <SUP>4</SUP> Includes sustaining.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #0ABB98"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #0ABB98"><B>Iron ore fines C1 production costs</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="width: 44%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 11%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">C1 production costs, ex-third-party purchase costs</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;23.1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;24.9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-7&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;17.9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;29&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">C1 cash cost, ex-third-party purchase costs</FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;21.0&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;23.5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-11&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;18.8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;12&#9;%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt/115% Vale Sans,sans-serif; margin: 10pt 0 0; text-align: justify; color: #007E7A"><B>The C1 cash cost, excluding
third-party purchases, reached US$ 21.0/t in Q1, US$ 2.5/t lower y/y despite inflationary impacts.</B></P>

<P STYLE="font: 9.5pt/120% Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #555555"><BR>
The reduction was mainly driven by: (i) the positive impact of the BRL depreciation, and (ii) the benefit of consuming inventories with
sequentially lower costs from previous quarters, creating a positive inventory turnover effect. These gains were partially offset by (i)
higher material costs, driven by inflation and higher trucks' utilization for waste movement in the Northern System due to higher rainfall
and (ii) lower fixed cost dilution driven by lower production volumes.</P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">Vale
remains highly confident in achieving its C1 cash cost guidance for 2025, excluding third-party purchases (US$ 20.5&#8722;22.0/t).<BR>
<BR>
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; color: #0ABB98"><B>C1 cash cost, excluding third-party purchase costs - US$/t,
1Q25 vs. 1Q24</B></FONT></P>

<P STYLE="font: 12pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_021.jpg" ALT=""></P>

<P STYLE="font: 6pt/112% Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #818181"><SUP>1</SUP> Including personal,
services, maintenance, demurrage, diesel, energy and others.</P>

<P STYLE="font: 6pt/120% Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #818181">&nbsp;</P>

<P STYLE="font: 9.5pt/112% Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #555555"><FONT STYLE="letter-spacing: -0.3pt">&nbsp;</FONT></P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A; letter-spacing: -0.3pt"><B>Vale's
maritime freight cost averaged US$ 18.6/t</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555; letter-spacing: -0.3pt">,
US$ 1.4/t lower q/q, mainly as a result of seasonal lower exposure to spot freight rates (US$ 0.7/t lower q/q) and lower spot freight
rates (US$ 0.6/t lower q/q). CFR sales totaled 50.9 Mt in Q1, representing 90% of total iron ore fines sales.</FONT></P>

<P STYLE="font: 9.5pt/120% Vale Sans Light,sans-serif; margin: 10pt 0; text-align: justify; color: #555555">&nbsp;</P>

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<P STYLE="font: 22pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><B>Pellets</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="width: 39%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 12%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Net revenues</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,055&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1,585&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-33&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1,440&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-27&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Cash costs&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(559)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(739)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-24&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(729)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-23&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Pre-operational &amp; stoppage expenses</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(5)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-60&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Expenses&sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-60&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(4)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Leased pelletizing plants EBITDA</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;40&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;36&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;11&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;65&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-38&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;536&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;882&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-39&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;770&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-30&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Iron ore pellets realized price (CFR/FOB, S$/t)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;140.8&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;171.9&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-18&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;143.0&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-2&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Cash costs&sup1; per ton (US$/t)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;74.6&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;80.1&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-7&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;72.4&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;3&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>EBITDA per ton (US$/t)</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;71.5&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;96.0&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-25&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;76.5&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-6&#9;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%"><SUP>1</SUP> Including iron ore, leasing, freight, overhead, energy and others. <SUP>2</SUP> Including selling, R&amp;D and others.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt/112% Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Pellets
sales reached 7.5 Mt, 26% lower q/q and 19% lower y/y</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
driven by lower pellet feed availability, impacted by maintenance in Itabira and higher rainfall levels in the Northern System.</FONT></P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>The
average realized iron ore pellets price was US$ 140.8/t</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
US$ 2.2/t lower q/q, mainly impacted by lower quarterly contractual premiums.</FONT></P>

<P STYLE="font: 9.5pt/112% Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><B>Pellets&#8217;
cash costs per ton were 3% higher q/q, totaling US$ 74.6/t</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
mainly as a result of lower fixed cost dilution. FOB sales represented 55% of total sales.</FONT></P>


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<P STYLE="font: 24pt/120% Arial, Helvetica, Sans-Serif; margin: 0 5.9pt 8pt 14.2pt; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #00B0F0"><B>Highlights</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 34%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>US$ million </B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 13%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Net Revenues</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,744&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1,434&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;22&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1,973&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-12&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Costs&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1,284)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(1,137)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;13&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(1,419)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-10&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">SG&amp;A and Other expenses&sup1; &sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;102&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1600&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;64&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;59&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Pre-operating and stoppage expenses&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(2)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;100%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(21)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-90%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">R&amp;D expenses</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(32)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(51)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-37%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(79)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-59%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">EBITDA from associates and JVs&sup3;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;26&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;333&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;23&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;13&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Adjusted EBITDA&sup2;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;554&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;257&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;116&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;541&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;2&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Depreciation and amortization</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(207)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(223)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-7&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(256)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-19&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;346&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;34&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;918&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;285&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;21&#9;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%"><SUP>1</SUP> Net of depreciation and amortization. <SUP>2 </SUP>Includes adjustment of US$ 167 million in 1Q25, US$ 113 million in 4Q24 and US$ 67 million in 1Q24 to reflect the performance of the streaming transactions at market price.&nbsp;&nbsp;<SUP>3</SUP> Starting in 3Q24, PTVI EBITDA is included in EBITDA from associates and JVs, reflecting VBM's ownership of 33.9% in PTVI.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #00B0F0"><B>Adjusted EBITDA</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 34%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 13%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Copper</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;546&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;284&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;92&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;526&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;4&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Nickel</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;41&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;17&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;141&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;55&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-25&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(33)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(44)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-25&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(40)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-18&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;554&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;257&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;116&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;541&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;2&#9;%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #3CB5E5"><B>EBITDA
increased by 116% y/y</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">, mainly driven by the strong performance
of the Copper business. </FONT></P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #3CB5E5"><B>In
Copper, EBITDA increased by 92% y/y</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">, positively impacted
by higher realized copper prices (US$ 73 million) and stronger by-product revenues (US$ 109 million). </FONT></P>

<P STYLE="font: 9.5pt/10.65pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #3CB5E5"><B>In
Nickel, EBITDA increased by US$ 24 million</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">, benefiting
from lower external feed costs due to the impact of LME prices in refineries operations, alongside the On&ccedil;a Puma resumption after
the furnace rebuild, driving costs lower. These effects were partially offset by the reduction in the average realized price of nickel
and higher cost due to PTVI divestment.</FONT></P>

<P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin: 10pt 0 0; text-align: justify; color: #3CB5E5"><B>EBITDA variation &#8211; US$
million (1Q25 vs. 1Q24)</B></P>

<P STYLE="font: 9.5pt/104% Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #0ABB98"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_023.jpg" ALT=""><FONT STYLE="font-size: 9.5pt; color: #0ABB98; line-height: 104%"><B></B></FONT></P>

<P STYLE="font: 9.5pt/104% Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #0ABB98"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt/104% Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #0ABB98"><B>&nbsp;</B></P>

<P STYLE="font: 6pt/7.2pt Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #818181"><SUP>1 </SUP>Includes an adjustment
of US$ 167 million in 1Q25 and US$ 67 million in 1Q24 to reflect the performance of the streaming transactions at market prices, which
will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based
on the current projections for volumes and commodities prices, it will be fully realized by 2027.<BR>
&sup2; Includes variations of (i) US$ 96 million in PPA, (iii) US$ 20 million in realized prices for copper and nickel and (iii) US$ 93
million in realized prices for by-products. &sup3; Includes variations of (i) US$ 71 million in lower costs of external feed due to the
impact of LME prices in Refineries operation and, (ii) US$ 14 million in costs improvements from the resumption operation in On&ccedil;a
Puma after furnace rebuild, partially offset by (i) US$ 26 million in inventory turnover effects and (ii) US$ 9 million in higher energy
costs. &#8308; Including a variation of US$ 28 million in by-products volumes.</P>


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<P STYLE="font: 22pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #00B0F0"><B>Copper</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 34%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million (unless otherwise stated)</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 13%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">LME copper price (US$/t)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9,340</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8,438</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;11&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9,193</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Average realized copper price (US$/t)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8,891</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;7,687</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9,187</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-3&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Volume sold &#8211; copper (kt)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;61</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;56</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;74</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-18&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Net Revenues</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;900</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;639</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;41&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;964</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-7&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Costs&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(339)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(329)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(387)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-12&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Selling and other expenses&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(4)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(3)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;33&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(13)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-69&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pre-operating and stoppage expenses&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(1)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">R&amp;D expenses</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(10)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(23)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-57&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(37)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-73&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;546</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;284</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;92&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;526</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation and amortization</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(34)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(40)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-15&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(42)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-19&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;512</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;244</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;110&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;484</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;6&#9;%</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%"><SUP>1</SUP> Net of depreciation and amortization</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10.5pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #00B0F0"><B>Adjusted EBITDA </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 34%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 13%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Salobo</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">404</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">261</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;55&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">513</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-21&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Sossego</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">80</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">17</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;371&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">123</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-35&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">62</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">6</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;933&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(110)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>546</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>284</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;92&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>526</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4&#9;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%"><SUP>1</SUP> Includes R&amp;D expenses and the unrealized provisional price adjustments.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #00B0F0"><B>Revenues </B></P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #3CB5E5"><B>Net
revenues increased by 41% y/y</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">, mainly due to higher realized
copper prices, as well as higher by-products revenues. The higher by-product revenue resulted from higher gold prices (US$ 82 million)
and the increase in gold volumes sold in copper concentrates (US$ 22 million). </FONT></P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #3CB5E5"><B>The
average realized copper price was up 16% y/y </B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">as a result
of higher average LME copper price and lower TC/RC discounts, reflecting a tight concentrates market. Sequentially, the average realized
copper price was 3% lower due to final price adjustments.</FONT></P>

<P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #3CB5E5"><B>Average realized copper price
1Q25 &#8211; US$/t</B></P>

<P STYLE="font: 12pt/104% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="image_024.jpg" ALT=""></P>

<P STYLE="font: 6pt/120% Vale Sans Light,sans-serif; margin: 0 0 2pt; text-align: justify; color: #818181">Note: Vale&#8217;s copper products
are sold on a provisional pricing basis, with final prices determined in a future period. The average copper realized price excludes the
mark-to-market of open invoices based on the copper price forward curve (unrealized provisional price adjustments) and includes the prior
and current period price adjustments (realized provisional price adjustments).</P>

<P STYLE="font: 6pt/120% Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #818181"><SUP>1 </SUP>Current-period price
adjustments: Final invoices that were provisionally priced and settled within the quarter. <SUP>2 </SUP>Prior-period price adjustment:
Final invoices of sales provisionally priced in prior quarters. <SUP>3 </SUP>TC/RCs, penalties, premiums, and discounts for intermediate
products.</P>

<P STYLE="font: 6pt/120% Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #818181">&nbsp;</P>


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<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #00B0F0"><B>Costs &amp; Expenses </B></P>

<P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #3CB5E5"><B>All-in costs (EBITDA breakeven)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 39%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$/t</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 12%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">COGS</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5,574</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5,829</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-4&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5,205</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;7&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">By-product revenues</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(4,760)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(3,207)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;48&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(4,721)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>COGS after by-product revenues</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;814</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,622</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-69&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;484</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;68&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other expenses&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;113</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;149</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-24&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;145</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-22&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total costs</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;926</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,771</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-67&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;629</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;47&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">TC/RCs, penalties, premiums and discounts</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;286</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;522</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-45&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;468</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-39&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>EBITDA breakeven&sup2; &sup3;</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,212</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,293</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-63&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,098</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;10&#9;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%"><SUP>1</SUP> Includes sales expenses, R&amp;D associated with Salobo and Sossego, pre-operating and stoppage expenses and other expenses. <SUP>2</SUP> Considering only the cash effect of streaming transactions, copper operations EBITDA break-even would increase to US$ 4,477/t in 1Q25. <SUP>3</SUP> The realized price to be compared to the EBITDA break-even should be the copper realized price before discounts (US$ 9,518/t), given that TC/RCs, penalties, and other discounts are already part of the EBITDA break-even build-up. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #3CB5E5"><B>All-in
costs decreased by 63% y/y</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">, driven by (i) higher by-products
revenues, (ii) lower unit costs, and (iii) lower TC/RCs, and other discounts. </FONT></P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #3CB5E5"><B>Unit
COGS decreased by 4% y/y</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">mainly driven by higher fixed
cost dilution at Salobo and Sossego.</FONT></P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #3CB5E5"><B>Unit
COGS, net of by-products, decreased by 69% y/y </B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">mainly
reflecting the positive impact of by-products revenues at both Salobo and Sossego, following strong gold prices.</FONT></P>

<P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin: 15pt 0 10pt; text-align: justify; color: #3CB5E5"><B>Unit COGS, net of by-products,
by operation</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 44%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$/t</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 11%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Salobo</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,738</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(269)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Sossego</FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3,473</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5,844</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-41&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,683</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;29&#9;%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #3CB5E5"><B>Unit
expenses were 24% lower y/y</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">, mainly as a result of lower
R&amp;D expenditures.</FONT></P>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">&ndash; <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --> &ndash; </B></TD><TD STYLE="text-align: right">&nbsp;<IMG SRC="image_012.jpg" ALT=""></TD></TR></TABLE></DIV>
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<P STYLE="font: 22pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #00B0F0"><B>Nickel</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 44%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million (unless otherwise stated)</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 11%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">LME nickel price</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;15,571</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16,589</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-6&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16,038</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-3%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Average realized nickel price</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16,106</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16,848</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-4&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16,163</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Volume sold &#8211; nickel (kt)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;39</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;33</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;18&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;47</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-17%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Volume sold - copper (kt)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;21</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;20</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;25</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-16%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Net Revenues</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;969</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;836</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,067</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-9%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Costs&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(907)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(773)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;17&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(974)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-7%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Selling and other expenses&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(21)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(24)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-13%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(6)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pre-operating and stoppage expenses&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(21)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-95%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">R&amp;D expenses&sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(22)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(21)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(35)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-37%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">EBITDA from associates and JVs&sup3;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;23</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;24</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-4%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;41</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;17</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;141&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;55</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-25%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation and amortization</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(81)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(184)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-11&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(201)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-19%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(122)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(167)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-27&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(146)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-16%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%"><SUP>1</SUP> Net of depreciation and amortization. &sup2; Includes R&amp;D expenses not related to current operations (1Q25: US$ 7 million; 1Q24: US$ 3 million; and 4Q24: US$ 4 million). &sup3; Starting in 3Q24, PTVI EBITDA is included in EBITDA from associates and JVs, reflecting VBM's ownership of 33.9% in PTVI. Historical figures were not restated. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10.5pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #00B0F0"><B>Adjusted EBITDA</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 39%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 12%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Sudbury&sup1; &sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;63</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-94&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;54</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-93&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Voisey&#8217;s Bay &amp; Long Harbour&sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(50)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(34)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;47&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(45)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;11&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Standalone Refineries&sup3;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;24</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(6)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;23</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">On&ccedil;a Puma</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;19</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(46)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;30</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-37&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">PTVI (historical)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;58</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Others&sup2; &#8308;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;44</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(18)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(7)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;41</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;17</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;141&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;55</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-25&#9;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%"><SUP>1</SUP> Includes the Thompson operations. <SUP>2</SUP> Restated from historical figures. <SUP>3 </SUP>Comprises the sales results for Clydach and Matsusaka refineries. <SUP>4</SUP> Includes intercompany eliminations, provisional price adjustments and inventories adjustments. Includes proportionate EBITDA from PTVI, starting from 3Q24. Historical figures include the consolidated results from PTVI. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #00B0F0"><B>Revenues</B></P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #3CB5E5"><B>Revenues
increased by 16% y/y,</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">mainly as a result of stronger
nickel sales volumes.</FONT></P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #3CB5E5"><B>The
average realized nickel price was US$ 16,106/t, down 4% y/y</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
mainly due to a 6% lower LME nickel average prices. On a sequential basis, the realized nickel price was stable as higher realized premiums
offset the 3% decrease in LME prices. </FONT></P>

<P STYLE="font: 9.5pt/120% Vale Sans Light,sans-serif; margin: 10pt 0; text-align: justify; color: #555555">In 1Q25, the average realized
nickel price was 3% higher than the LME average, mainly due to the 73% share of Upper-Class I products in North Atlantic&#8217; mix, with
an overall positive impact on premiums of US$ 535/t.</P>

<P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #3CB5E5"><B>Average realized nickel price
1Q25 &#8211; US$/t</B></P>

<P STYLE="text-align: center; font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><IMG SRC="image_025.jpg" ALT=""></P>

<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #00B0F0"><B>&nbsp;</B></P>


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<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #00B0F0"><B>Costs &amp; Expenses </B></P>

<P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #3CB5E5"><B>All-in costs (EBITDA breakeven)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 44%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$/t</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 11%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">COGS ex-external feed, PTVI-adjusted</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;27,957</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;29,788</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-6%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;24,679</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;13&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">COGS&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;23,277</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;22,291</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;20,670</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;13&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">By-product revenues&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(7,383)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(8,304)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-11&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(7,269)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>COGS after by-product revenues</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;15,894</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;13,987</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;14&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;13,401</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;19&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other expenses&sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;962</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,306</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-26&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,215</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-21&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">EBITDA from associates &amp; JVs&sup3;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(590)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(509)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total Costs</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;16,265</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;15,293</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;6&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;14,107</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;15&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Nickel average aggregate (premium) discount</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(535)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(515)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(226)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;137&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>EBITDA breakeven&#8308;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;15,730</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;14,778</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;6&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;13,881</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;13&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>EBITDA breakeven, PTVI-adjusted&#8309;</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;15,730</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;16,316</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-4&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;13,881</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;13&#9;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%"><SUP>1</SUP> Excluding marketing activities. <SUP>2</SUP> Includes R&amp;D associated with current nickel operations, sales expenses and pre-operating &amp; stoppage. <SUP>3</SUP> Starting from 3Q24, it includes the proportionate results from PTVI (33.9% owned by VBM). <SUP>4</SUP> Considering only the cash effect of streaming transactions, nickel operations EBITDA break-even would increase to US$ 16,202/t in 1Q25. <SUP>5 </SUP>Previous periods adjusted to reflect the deconsolidation of PTVI.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #3CB5E5"><B>All-in
costs increased by 6% y/y, </B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">mainly driven by PTVI&#8217;s
deconsolidation.</FONT></P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #3CB5E5"><B>All-in
costs, PTVI-adjusted, decreased by 8% y/y,</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">primarily
driven by lower unit COGS.</FONT></P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #3CB5E5"><B>Unit
COGS, excluding external feed purchases, decreased by 6% y/y</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">,
mainly driven by higher fixed cost dilution. </FONT></P>

<P STYLE="font: 9.5pt/11.4pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #3CB5E5"><B>Unit
COGS increased by 4% y/y and 13% q/q</B></FONT> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">due to PTVI deconsolidation,
partially offset by lower acquisition costs for external feed, due to lower LME prices. </FONT></P>

<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #3CB5E5"><B>Unit
by-product revenues were 11% lower y/y</B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">, mainly driven
by sales volume dilution.</FONT></P>

<P STYLE="font: 9.5pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #3CB5E5"><B>Unit COGS, net of by-products,
by operation</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 44%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$/t</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #CCEEFF; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 11%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8710; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A; padding-top: 2.15pt; padding-bottom: 1.5pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Sudbury&sup1; &sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;14,791</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;10,638</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;39&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;11,853</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;25&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A; padding-top: 2.15pt; padding-bottom: 1.5pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Voisey&#8217;s Bay &amp; Long Harbour&sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;20,386</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;21,323</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-4&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;20,678</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-1&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A; padding-top: 2.15pt; padding-bottom: 1.5pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Standalone refineries&sup2; &sup3;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;13,676</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;18,617</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-27&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;15,433</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-11&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A; padding-top: 2.15pt; padding-bottom: 1.5pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">On&ccedil;a Puma</FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9,683</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8,106</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;19&#9;%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 6pt/120% Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #818181">&sup1; Sudbury costs include Thompson
    costs. &sup2; A large portion of Sudbury, Clydach, Matsusaka and Long Harbour finished nickel production is derived from intercompany
    transfers, as well as</P>
    <P STYLE="font: 6pt/120% Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #818181">from the purchase of ore or nickel
    intermediates from third parties. These transactions are valued at fair market value. &sup3; Comprises the unit COGS for Clydach and Matsusaka
    refineries.</P>
    <P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #3CB5E5"><B>Expenses
were stable y/y, </B></FONT><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #555555">with unit expenses decreasing due to
higher volumes.</FONT></P>


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<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 3pt 17pt; text-indent: -17pt">&nbsp;</P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 3pt 17pt; text-indent: -17pt"></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="image_026.jpg" ALT=""></P>

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

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt 17pt; text-indent: -17pt"><FONT STYLE="letter-spacing: -0.1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 8pt/9.6pt Vale Sans Light,sans-serif; margin: 0 0 10pt; text-align: justify; color: #818181">Except where otherwise indicated,
the operational and financial information in this release is based on the consolidated figures in accordance with IFRS. Our quarterly
financial statements are reviewed by the company&#8217;s independent auditors. The main subsidiaries that are consolidated are the following:
Companhia Portu&aacute;ria da Ba&iacute;a de Sepetiba, Vale Mangan&ecirc;s S.A., Minera&ccedil;&otilde;es Brasileiras Reunidas S.A., Vale
Base Metals Ltd, Salobo Metais S.A, Tecnored Desenvolvimento Tecnol&oacute;gico S.A., Alian&ccedil;a Gera&ccedil;&atilde;o de Energia
S.A., Vale Holdings B.V, Vale Canada Limited, Vale International S.A., Vale Malaysia Minerals Sdn. Bhd. and Vale Oman Pelletizing Company
LLC.</P>

<P STYLE="font: 8pt/9.6pt Vale Sans Light,sans-serif; margin: 0 0 10pt; text-align: justify; color: #818181">This press release may include
statements about Vale&#8217;s current expectations about future events or results (forward-looking statements). Many of those forward-looking
statements can be identified by the use of forward-looking words such as &#8221;anticipate,&#8221; &#8221;believe,&#8221; &#8221;could,&#8221;
&#8221;expect,&#8221; &#8221;should,&#8221; &#8221;plan,&#8221; &#8221;intend,&#8221; &#8221;estimate&#8221; &#8220;will&#8221; and &#8221;potential,&#8221;
among others. All forward-looking statements involve various risks and uncertainties. Vale cannot guarantee that these statements will
prove correct. These risks and uncertainties include, among others, factors related to: (a) the countries where Vale operates, especially
Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial
production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. Vale cautions you that actual
results may differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. Vale
undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information or future
events or for any other reason. To obtain further information on factors that may lead to results different from those forecast by Vale,
please consult the reports that Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comiss&atilde;o de Valores
Mobili&aacute;rios (CVM) and, in particular, the factors discussed under &#8220;Forward-Looking Statements&#8221; and &#8220;Risk Factors&#8221;
in Vale&#8217;s annual report on Form 20-F.</P>

<P STYLE="font: 8pt/120% Vale Sans Light,sans-serif; margin: 0 0 10pt; text-align: justify; color: #818181">The information contained
in this press release includes financial measures that are not prepared in accordance with IFRS. These non-IFRS measures differ from the
most directly comparable measures determined under IFRS, but we have not presented a reconciliation to the most directly comparable IFRS
measures, because the non-IFRS measures are forward-looking and a reconciliation cannot be prepared without unreasonable effort.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 22pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><B>Annex 1: Detailed Financial Information</B></P>

<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>Simplified financial statements</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="background-color: teal; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: white; line-height: 120%"><B>Income Statement</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 10%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Net operating revenue</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;8,119&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;8,459&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-4&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;10,124&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-20&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(5,451)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(5,367)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;2&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(6,268)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-13&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Gross profit</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;2,668&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;3,092&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-14&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;3,856&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-31&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Gross margin (%)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;32.9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;36.6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">-3.7 p.p.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;38.1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">-5.2 p.p.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Selling and administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(145)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(140)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;4&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(206)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-30&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Research and development</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(123)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(156)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-21&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(253)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-51&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Pre-operating and operational stoppage expenses</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(90)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(92)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-2&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(131)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-31&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Other operational expenses, net</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(258)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(250)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;3&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(629)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-59&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Impairment reversal (impairment and disposals) of non-current assets, net</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(253)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(6)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;4117&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(1,847)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-86&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Operating income</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;1,799&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;2,448&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-27&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;790&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;128&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Financial income</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;116&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;109&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;6&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;106&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;9&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Financial expenses</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(382)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(339)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;13&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(396)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-4&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Other financial items, net</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;451&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(207)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(1,470)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;59&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;124&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-52&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;69&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-14&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Income (loss) before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;2,043&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;2,135&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-4&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;(901)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Current tax</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(186)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(734)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-75&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(315)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-41&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Deferred tax</FONT></TD>
    <TD STYLE="border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(461)&#9;</FONT></TD>
    <TD STYLE="border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;286&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">n.a.</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;344&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;1,396&#9;</B></FONT></TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;1,687&#9;</B></FONT></TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-17&#9;%</B></FONT></TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;(872)</B></FONT></TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-75&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(178)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Net income (loss) attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;1,394&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;1,679&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-17&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;(694)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Earnings per share (attributable to the Company's shareholders - US$):</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Basic and diluted earnings per share (attributable to the Company's shareholders - US$)</FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;0.33&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;0.39&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-15&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(0.16)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">n.a.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 25pt 0 10pt; text-align: justify; color: #007E7A"><B>Equity income (loss) by business
segment </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>%</B></FONT></TD>
    <TD STYLE="width: 7%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>%</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A; line-height: 120%"><B>%</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Iron Ore Solutions</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;33&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;122%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;58&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;89%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-43%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;80&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;186%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-59&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;4%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;0%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(34)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-79%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">Others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(7)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-26%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;11%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;(3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;-7%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678; line-height: 120%">&#9;133&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;27&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;100%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;65&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;100%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-58%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;43&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;100%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678; line-height: 120%"><B>&#9;-37&#9;%</B></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 5pt/120% Arial, Helvetica, Sans-Serif; margin: 0; color: #FF0090">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 54%; background-color: teal; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: white"><B>Balance sheet</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #EDB111 2.25pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>3/31/2025</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>3/31/2024</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Current assets</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;14,687&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;17,528&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;-16&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;13,481&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;9&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3,955&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3,790&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;4&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4,953&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-20&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Short term investments</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;43&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;44&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-2&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;53&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-19&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Accounts receivable</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,144&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,233&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-4&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,358&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-9&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other financial assets</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;277&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;420&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-34&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;53&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;423&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Inventories</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4,919&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5,195&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-5&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4,605&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;7&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Recoverable taxes</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,093&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;840&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;30&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,100&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-1&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Judicial deposits</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;672&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;0&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;362&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;364&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-1&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;359&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;1&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Non-current assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,894&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3,970&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-52&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;12,003&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;13,446&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;-11&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;11,626&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;3&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Judicial deposits</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;580&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;669&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-13&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;537&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;8&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other financial assets</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;262&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;336&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-22&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;231&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;13&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Recoverable taxes</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,381&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,384&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;0&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,297&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;6&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Deferred income taxes</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8,309&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9,699&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-14&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8,244&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;1&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,471&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,358&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;8&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,317&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;12&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Fixed assets</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;56,740&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;60,703&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;-7&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;55,045&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;3&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total assets</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;83,430&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;91,677&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;-9&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;80,152&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;4&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;13,234&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;15,676&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;-16&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;13,090&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;1&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Suppliers and contractors</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4,403&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5,546&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-21&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4,234&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;4&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Loans, borrowings and leases</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;608&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,286&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-53&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,020&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-40&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Leases</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;176&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;192&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-8&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;147&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;20&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other financial liabilities</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,365&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,708&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-20&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,543&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-12&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Taxes payable</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;651&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,698&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-62&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;574&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;13&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;386&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;492&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-22&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;353&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;9&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Provisions for litigation</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;156&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;117&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;33&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;119&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;31&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Employee benefits</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;664&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;602&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;10&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,012&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-34&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,929&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;923&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;109&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,844&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;5&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;876&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,063&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-18&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;714&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;23&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Decharacterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;937&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,045&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-10&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;833&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;12&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Dividends payable</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;0&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;330&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;385&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;464&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-17&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;367&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;5&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Liabilities associated with non-current assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;698&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;540&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;29&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">100%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;33,834&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;36,988&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;-9&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;32,534&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;4&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Loans, borrowings and leases</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;14,807&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;11,962&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;24&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;13,772&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;8&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Leases</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;605&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,234&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-51&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;566&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;7&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Participative shareholders' debentures</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,350&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,621&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-10&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,217&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;6&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other financial liabilities</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,227&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3,043&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-27&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,347&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-5&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Settlement program (REFIS)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,005&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,515&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-34&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,007&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;0&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Deferred income taxes</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;175&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;848&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-79&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;445&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-61&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Provisions for litigation</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;948&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;885&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;7&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;894&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;6&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Employee benefits</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,155&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,288&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-10&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,118&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;3&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,908&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3,267&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-42&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,819&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;5&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,256&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,831&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-31&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,256&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;0&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Decharacterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5,164&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6,261&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-18&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4,930&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;5&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Streaming transactions</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,928&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,956&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-1&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,882&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;2&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;306&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;277&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;10&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;281&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;9&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;47,068&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;52,664&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;-11&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;45,624&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;3&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Shareholders' equity</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;36,362&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;39,013&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;-7&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;34,528&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;5&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total liabilities and shareholders' equity</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;83,430&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;91,677&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;-9&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;80,152&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;4&#9;%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0; color: #FF0090">&nbsp;</P>


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="vertical-align: middle; text-align: center">&ndash; <B><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --> &ndash; </B></TD><TD STYLE="text-align: right">&nbsp;<IMG SRC="image_012.jpg" ALT=""></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><IMG SRC="image_027.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="background-color: teal; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: white"><B>Cash flow</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 59%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 8%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y </B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Cash flow from operations</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,534&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4,479&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-43&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4,065&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-38&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Interest on loans and borrowings paid</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(240)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(186)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;29&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(224)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;7&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cash received (paid) on settlement of derivatives, net</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;134&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;43&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;212&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(83)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Payments related to Brumadinho</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(84)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(135)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-38&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(321)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-74&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Payments related to decharacterization of dams</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(79)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(119)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-34&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(128)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-38&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Interest on participative shareholders debentures paid</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(94)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Income taxes (including settlement program) paid</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(596)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(506)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;18&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(416)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;43&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net cash generated by operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,669&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,576&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-53&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,779&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-40&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Cash flow from investing activities</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Short-term investment</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;26&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(44)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(136)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Acquisition of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1,255)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1,395)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-10&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(2,213)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-43&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Advanced payment related to renegotiation of railway concession contracts</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(656)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Payments related to Samarco dam failure</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(162)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(86)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;88&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(504)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-68&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Dividends received from joint ventures and associates</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;19&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;533&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;27&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-30&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cash received (paid) from disposal and acquisition of investments, net</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(30)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other investment activities, net</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-67&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(136)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(1,371)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(1,519)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-10&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(3,648)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-62&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Loans and financing:</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Loans and borrowings from third parties</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,611&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;870&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;85&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,933&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-17&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Payments of loans and borrowings from third parties</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(940)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(62)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(429)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;119&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Payments of leasing</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(30)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(41)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-27&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(69)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-57&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Payments to shareholders:</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Dividends and interest on capital paid to Vale's shareholders</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1,979)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(2,328)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-15&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Dividends and interest on capital paid to noncontrolling interest</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Share buyback program</FONT></TD>
    <TD STYLE="border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(275)&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net cash used in financing activities</B></FONT></TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(1,338)</B></FONT></TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(1,836)</B></FONT></TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-27&#9;%</B></FONT></TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,435&#9;</B></FONT></TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net increase (decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(1,040)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;221&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;586&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cash and cash equivalents in the beginning of the period</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4,953&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3,609&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;37&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4,596&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;145&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(40)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(229)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Effect of transfer the Energy Assets to non-current assets held for sale </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(115)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cash and cash equivalents from subsidiaries acquired, net </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;12&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Cash and cash equivalents at the end of period</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,955&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,790&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4,953&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-20&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Non-cash transactions:</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Additions to property, plant and equipment - capitalized loans and borrowing costs</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-20&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;12&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-67&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Cash flow from operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,043&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,135&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-4&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(901)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted for:</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Review of estimates related to the provision of Brumadinho</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;39&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(6)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;88&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-56&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Review of estimates related to the provision of decharacterization of dams</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(9)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(61)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-85&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(75)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-88&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(59)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(124)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-52&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(69)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-14&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Impairment and gains (losses) on disposal of non-current assets, net</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;253&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,847&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-86&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;704&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;714&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-1&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;802&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-12&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Financial results, net</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(185)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;437&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,760&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Change in assets and liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Accounts receivable</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;316&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,935&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-84&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;572&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-45&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Inventories</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(239)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(626)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-62&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;57&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Suppliers and contractors</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(21)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;378&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(681)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-97&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other assets and liabilities, net</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(308)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(309)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;665&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Cash flow from operations</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,534&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4,479&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-43&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4,065&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-38&#9;%</B></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Reconciliation of IFRS and &#8220;non-GAAP&#8221; information<BR>
<BR>
</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A"><B>(a)
Adjusted EBIT&nbsp;</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 10%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y </B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Net operating revenues</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8,119&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8,459&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-4&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;10,124&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-20&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">COGS</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(5,451)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(5,367)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(6,268)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-13&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Sales and administrative expenses</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(145)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(140)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(206)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-30&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Research and development expenses</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(123)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(156)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-21&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(253)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-51&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pre-operating and stoppage expenses</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(90)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(92)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-2&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(131)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-31&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Brumadinho event and dam decharacterization of dams</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(97)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(41)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;137&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(111)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-13&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other operational expenses, net<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(142)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(405)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">EBITDA from associates and JVs</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;192&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;203&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-5&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;242&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-21&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBIT</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,411&#9;</B></FONT></TD>
    <TD STYLE="border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,724&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-11&#9;%</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,992&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-19&#9;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181">&sup1; Includes adjustment of US$ 167 million in 1Q25, US$ 113 million in 4Q24 and US$ 67 million in 1Q24 to reflect the performance of the streaming transactions at market prices.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A; line-height: 120%"><B>(b)
Adjusted EBITDA&nbsp;</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="vertical-align: top; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 9pt/120% Vale Sans Light,sans-serif; margin: 2.65pt 0 0; text-align: justify; color: #555555">EBITDA defines profit or
    loss before interest, tax, depreciation, depletion and amortization. The definition of Adjusted EBITDA for the Company is the operating
    income or loss plus EBITDA associates and joint ventures, and excluding the amounts charged as (i) depreciation, depletion and amortization
    and (ii) impairment reversal (impairment and disposals) of non-current assets. However, our adjusted EBITDA is not the measure defined
    as EBITDA under IFRS and may possibly not be comparable with indicators with the same name reported by other companies. Adjusted EBITDA
    should not be considered as a substitute for operational profit or as a better measure of liquidity than operational cash flow, which
    are calculated in accordance with IFRS. Vale provides its adjusted EBITDA to give additional information about its capacity to pay debt,
    carry out investments and cover working capital needs. The following tables shows the reconciliation between adjusted EBITDA and operational
    cash flow and adjusted EBITDA and net income, in accordance with its statement of changes in financial position.</P>
    <P STYLE="font: 9pt/120% Vale Sans Light,sans-serif; margin: 0 0 1.5pt; text-align: justify; color: #555555">The definition of Adjusted
    EBIT is Adjusted EBITDA plus depreciation, depletion and amortization.</P>
    <P STYLE="font: 9pt/120% Vale Sans Light,sans-serif; margin: 0 0 1.5pt; text-align: justify; color: #555555">&nbsp;</P></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A"><B>Reconciliation
between adjusted EBITDA and operational cash flow&nbsp;</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y </B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,115&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,438&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-9&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,794&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-18&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Working capital:</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Accounts receivable</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;316&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,935&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-84&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;572&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-45&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Inventories</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(239)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(626)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-62&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;57&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Suppliers and contractors</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(21)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;378&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(681)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-97&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Review of estimates related to the provision of Brumadinho</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;39&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(6)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;88&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-56&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Review of estimates related to the provision of decharacterization of dams</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(9)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(61)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-85&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(75)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-88&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(667)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(579)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;15&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;310&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Cash flow</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,534&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4,479&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-43&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4,065&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-38&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Income taxes paid (including settlement program)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(596)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(506)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;18&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(416)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;43&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Interest on loans and borrowings paid</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(240)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(186)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;29&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(224)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;7&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Payments related to Brumadinho event</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(84)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(135)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-38&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(321)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-74&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Payments related to decharacterization of dams</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(79)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(119)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-34&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(128)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-38&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Interest on participative shareholders' debentures paid</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt">
    <P STYLE="font: 9pt Vale Sans Light,sans-serif; margin: 0; text-align: right; color: #747678">0%</P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(94)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-100&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cash received on settlement of Derivatives, net</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;134&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;43&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;212&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(83)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net cash generated by operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,669&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,576&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-53&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,799&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-40&#9;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A"><B>Reconciliation
between adjusted EBITDA and net income (loss)&nbsp;</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 10%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y </B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,115&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,438&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-9&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,794&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-18&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(704)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(714)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-1&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(802)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-12&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">EBITDA from associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(192)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(203)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-5&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(242)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-21&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Impairment reversal (impairment) and results on disposals of non-current assets, net&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(420)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(73)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;475&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1,960)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-79&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Operating income</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,799&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,448&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-27&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;790&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;128&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Financial results</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;185&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(437)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1,760)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;59&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;124&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-52&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;69&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-14&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Income taxes</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(647)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(448)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;44&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;29&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,396&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,687&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-17&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(872)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-75&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(178)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net income (loss) attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,394&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,679&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-17&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(694)</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181">&sup1; Includes adjustment of US$ 167 million in 1Q25, US$ 113 million in 4Q24 and US$ 67 million in 1Q24 to reflect the performance of the streaming transactions at market prices.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Arial, Helvetica, Sans-Serif; margin: 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A"><B>(c)
Net debt&nbsp;</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 10%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y </B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Gross debt </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;15,415&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;13,248&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;14,792&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Leases</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;781&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,426&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-45&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;713&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;10&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(3,998)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(4,569)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-12&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(5,006)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-20&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net debt</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;12,198&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;10,105&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;21&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;10,499&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;16&#9;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A"><B>(d)
Gross debt / LTM Adjusted EBITDA&nbsp;</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y </B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Gross debt and leases / LTM Adjusted EBITDA (x)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1.1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0.8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;38&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1.0&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;10&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Gross debt and leases / LTM operational cash flow (x)</FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0.8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0.9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-11&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0.8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0&#9;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A"><B>(e)
LTM Adjusted EBITDA / LTM interest payments&nbsp;</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y </B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Adjusted LTM EBITDA / LTM gross interest (x)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16.5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;24.3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-32&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;17.9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-8&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">LTM adjusted EBITDA / LTM interest payments (x)</FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;15.7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;23.5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-33&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;17.1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-8&#9;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9.5pt; color: #007E7A"><B>(f)
US dollar exchange rates&nbsp;</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>R$/US$</B></FONT></TD>
    <TD STYLE="border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y </B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Average</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5.8522&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4.9515&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;18&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5.8369&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">End of period</FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5.7422&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4.9962&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;15&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6.1923&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-7&#9;%</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>Revenues and volumes</B></P>

<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #D2A000"><B>Net operating revenue by business
area</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>%</B></FONT></TD>
    <TD STYLE="width: 8%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>%</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>%</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;6,375&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;79%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;7,025&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;83%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-9&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;8,151&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;81%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-22&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fines</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5,154&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;63%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5,292&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;63%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-3&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6,503&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;64%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-21&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROM</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;29&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;27&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;7&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;61&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,055&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;13%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,585&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;19%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-33&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,440&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;14%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-27&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;137&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;121&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;13&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;190&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-28&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,744&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;21%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,434&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;17%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;22&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,973&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;19%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-12&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nickel</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;623&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;558&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;7%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;12&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;762&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-18&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copper</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;709&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;587&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;7%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;21&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;885&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-20&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGMs</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;66&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;68&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-3&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;83&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-20&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold as by-product&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;140&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;137&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;258&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-46&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver as by-product</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;10&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;80&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;17&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;10&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;80&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;13&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;38&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others&sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;170&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;63&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;170&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(46)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Others</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;0%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;0%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>0%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;0%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>0%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total </B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;8,119&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;100%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;8,459&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;100%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-4&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;10,124&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;100%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-20&#9;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181">&sup1; Includes adjustment of US$ 167 million in 1Q25, US$ 113 million in 4Q24 and US$ 67 million in 1Q24 to reflect the performance of the streaming transactions at market prices. &sup2; Includes marketing activities.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #D2A000"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #D2A000"><B>Net operating revenue by destination</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>%</B></FONT></TD>
    <TD STYLE="width: 8%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>%</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>%</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>North America</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;417&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;5%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;427&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;5%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-2%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;392&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;6&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;USA</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;297&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;243&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;22%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;287&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;Canada</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;120&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;184&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-35%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;105&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;14&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>South America</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;863&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;11%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;1,128&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;13%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&#9;-23%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&#9;897&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;9%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&#9;-4&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;Brazil</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;814&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;10%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,006&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;12%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-19%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;794&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;49&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;122&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-60%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;103&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-52&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Asia</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;5,113&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;63%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;5,169&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;61%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&#9;-1%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&#9;6,863&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;68%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&#9;-25&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;China</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3,886&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;48%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3,890&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;46%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5,403&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;53%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-28&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;Japan</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;517&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;682&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-24%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;709&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;7%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-27&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;South Korea</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;237&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;206&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;15%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;303&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-22&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;473&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;391&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;21%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;448&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Europe</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,274&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;16%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;1,009&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;12%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&#9;26%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>&#9;1,256&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;12%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #818181"><B>1%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;Germany</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;463&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;326&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;42%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;442&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;Italy</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;99&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;19&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;421%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;90&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;10&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;712&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;664&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;7%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;724&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;7%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-2&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Middle East</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;208&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;266&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-22%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;366&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-22&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Rest of the World</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;244&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;460&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;5%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-47%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;350&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-30&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;8,119&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;100%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;8,459&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;100%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-4%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;10,124&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;100%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-20&#9;%</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 25 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right; width: 100%"><IMG SRC="image_027.jpg" ALT="">&nbsp;</TD></TR></TABLE><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>Operating Expenses</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 54%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 9%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>SG&amp;A</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>145</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>140</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>206</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-30&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Administrative</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">123</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">120</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">181</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-32&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Personnel</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">52</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">56</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-7&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">88</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-41&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Services</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">32</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-28&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">40</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-43&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">24</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;140&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">23</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">24</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">22</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">30</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-20&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Selling </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">22</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">20</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;10&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">25</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-12&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>R&amp;D</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>123</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>156</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-21&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>253</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-51&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Pre-operating and stoppage expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>90</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>92</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-2&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>131</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-31&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Expenses related to Brumadinho and decharacterization of dams</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>97</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>41</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;137&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>111</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-13&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Other operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>161</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>209</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-23&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>518</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-69&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>616</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>638</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-3&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,219</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-49&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">43</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">36</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;19&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">52</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-17&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Operating expenses, ex-depreciation</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>573</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>602</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-5&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1,167</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-51&#9;%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 15pt 0 10pt; text-align: justify; color: #D2A000"><B>Other operating expenses
&#8211; breakdown by segment</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 54%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007A7E"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 9%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;(8)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;30&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>n.a.</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;15&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&nbsp;&nbsp;&nbsp;Fines</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;(11)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;35&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;14&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;(7)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-71&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;100&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&nbsp;&nbsp;&nbsp;Other ferrous</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;150&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;150&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;32&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;22&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;45&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;19&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;68&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&nbsp;&nbsp;&nbsp;Nickel</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;14&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;19&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-26&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;(3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&nbsp;&nbsp;&nbsp;Copper</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;33&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;13&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;-69&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;14&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #7F7F7F">&#9;56&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>Others</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;137&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;157&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;-13&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;484&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;-72&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>TOTAL - Other operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;161&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;209&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;-23&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;518&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #7F7F7F"><B>&#9;-69&#9;%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>


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

<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>Financial results</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 54%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 9%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Financial expenses, of which:</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(382)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(339)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;13&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(396)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-4&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Gross interest</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(224)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(171)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;31&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(237)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-5&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Capitalization of interest</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-20&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;12&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-67&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(144)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(145)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-1&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(152)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-5&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Financial expenses (REFIS)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(18)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(28)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-36&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(19)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-5&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Financial income</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;116&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;109&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;6&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;106&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;9&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Shareholder Debentures</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;38&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;164&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-77&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(190)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Derivatives&sup1;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;765&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;n.a.</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(804)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Currency and interest rate swaps</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;764&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(14)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(787)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Others (commodities, etc)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-94&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(17)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Foreign exchange </B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(37)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(28)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;32&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(111)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-67&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Monetary variation</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(315)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(345)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-9&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(365)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-14&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Foreign exchange and monetary variation</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(352)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(373)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-6&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(476)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-26&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Financial result, net</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;185&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(437)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(1,760)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>n.a.</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: gray">&sup1; The cash effect of the derivatives was a gain of US$ 134 million in 1Q25.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>Sustaining Investments by type</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 55%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Energy and others</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #EDB111 2.25pt solid; border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Enhancement of operations</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;377&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;122&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;499&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Replacement projects</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;57&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;63&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Filtration and dry stacking projects</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;46&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;46&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Dam management</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;20&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;10&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;30&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other investments in dams and waste dumps</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;33&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;12&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;45&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Health and safety</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;54&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;13&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;68&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Social investments and environmental protection</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;50&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;53&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Administrative &amp; others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;39&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;10&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;58&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;625&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;226&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;11&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;862&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Arial, Helvetica, Sans-Serif; margin: 0; color: #FF0090">&nbsp;</P>


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<P STYLE="font: 22pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Annex 2: Segment information</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #D2A000"><B>Segment results 1Q25</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 39%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>Net operating revenues</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>Cost&sup1;</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>SG&amp;A and others&sup1;</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>R&amp;D&sup1;</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>Pre operating &amp; stoppage&sup1;</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>Associates and JVs EBITDA</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #EDB111 2.25pt solid; border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; line-height: 120%"><B>Adjusted EBITDA</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;6,375&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(3,506)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(25)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(54)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(69)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;166&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,887&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Fines</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5,154&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(2,810)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(4)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(45)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(58)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;96&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,333&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pellets</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,055&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(559)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;40&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;536&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other ferrous</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;166&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(137)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(24)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(8)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(9)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;30&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;18&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,744&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(1,284)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;102&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(32)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(2)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;26&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;554&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Nickel&sup2;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;969&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(907)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(21)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(22)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(1)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;23&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;41&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Sudbury</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;507&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(490)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(10)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Voisey&#8217;s Bay &amp; Long Harbour</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;213&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(257)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(5)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(50)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Standalone Refineries</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;217&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(193)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;24&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">On&ccedil;a Puma</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;75&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(53)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;19&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other&sup3;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(43)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;86&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(15)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(7)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;23&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;44&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Copper&#8308;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;900&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(339)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(4)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(10)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(1)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;546&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Salobo </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;665&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(257)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">-</TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;404&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Sossego</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;165&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(82)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;80&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;70&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(7)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;62&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Others&#8309;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(125)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(38)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;127&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(33)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Brumadinho and decharacterization of dams</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(97)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(97)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Non-recurring expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Others&#8310;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(192)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(37)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(229)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;8,119&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(4,790)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(212)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(123)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(71)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;192&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,115&#9;</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%">&sup1; Excluding depreciation, depletion and amortization. &sup2; Including copper and by-products from our nickel operations. &sup3; Starting in 3Q24, PTVI's EBITDA is included in &quot;Associates and JVs&quot; in &quot;Other&quot;. &#8308; Including by-products from our copper operations. &#8309; Includes adjustment of US$ 167 million in 1Q25 to reflect the performance of the streaming transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027. &#8310; Includes US$ 26 million in unallocated expenses from Vale Base Metals Ltd (&quot;VBM&quot;) in 1Q25. Considering the unallocated expenses, VBM&#8217;s EBITDA was US$ 528 million in 1Q25.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Arial, Helvetica, Sans-Serif; margin: 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #B8870F"><B>Segment results 1Q24</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #EDB111 2.25pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 39%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Net operating revenues</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Cost&sup1;</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>SG&amp;A and others&sup1;</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>R&amp;D&sup1;</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Pre operating &amp; stoppage&sup1;</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Associates and JVs EBITDA</B></FONT></TD>
    <TD STYLE="width: 9%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-right: #EDB111 2.25pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Adjusted EBITDA</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;7,025&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(3,552)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(64)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(83)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(64)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;197&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,459&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Fines</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5,292&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(2,703)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(49)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(70)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(51)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;88&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,507&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pellets</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,585&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(739)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(5)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;36&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;882&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other ferrous</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;148&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(110)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(21)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(12)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(8)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;73&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;70&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,434&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(1,137)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;6&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(51)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(1)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;6&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;257&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Nickel&sup2;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;836&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(773)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(24)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(21)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(1)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;17&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Sudbury</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;477&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(397)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(5)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(12)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;63&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Voisey&#8217;s Bay &amp; Long Harbour</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;146&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(172)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(4)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(4)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(34)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Standalone Refineries</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;228&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(234)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(6)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">On&ccedil;a Puma</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(40)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(4)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(46)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">PTVI (historical)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;230&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(170)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;58&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(245)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;240&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(11)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(18)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Copper<SUP>3</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;639&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(329)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(3)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(23)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;284&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Salobo </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;502&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(238)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;260&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Sossego</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;112&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(91)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;17&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;25&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(18)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;7&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Others<SUP>4</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(41)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(35)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;33&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(7)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;6&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(44)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Brumadinho and decharacterization of dams</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(41)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(41)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Non-recurring expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(24)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(24)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Others<SUP>5</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(190)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(22)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(1)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(213)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: #EDB111; padding-top: 2.15pt; padding-bottom: 1.5pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;8,459&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(4,689)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(313)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(156)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(66)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;203&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,438&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="9" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181">&sup1; Excluding depreciation, depletion and amortization. &sup2; Including copper and by-products from our nickel operations. &sup3; Including by-products from our copper operations. <SUP>4</SUP>Includes an adjustment of US$ 67 million increasing the adjusted EBITDA in 1Q24, to reflect the performance of the streaming transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027. <SUP>5</SUP> Includes US$ 47 million in unallocated expenses from Vale Base Metals Ltd (&quot;VBM&quot;) in 1Q24. Considering the unallocated expenses, VBM&#8217;s EBITDA was US$ 210 million in 1Q24.</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #D2A000"><B>Segment information 4Q24</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="width: 39%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Net operating revenues</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Cost&sup1;</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>SG&amp;A and others&sup1;</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>R&amp;D&sup1;</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Pre operating &amp; stoppage&sup1;</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Associates and JVs EBITDA</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #EDB111 2.25pt solid; border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Adjusted EBITDA</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Iron Ore Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;8,151&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(4,099)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(54)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(127)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(80)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;217&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4,008&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Fines</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6,503&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(3,216)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(24)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(110)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(75)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;98&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3,176&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pellets</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,440&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(729)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;65&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;770&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other ferrous</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;208&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(154)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(29)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(14)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;54&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;62&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,973&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(1,419)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;64&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(79)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(21)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;23&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;541&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Nickel&sup2;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,067&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(974)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(6)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(35)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(21)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;24&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;55&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Sudbury</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;547&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(479)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(19)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;54&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Voisey&#8217;s Bay &amp; Long Harbour</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;195&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(225)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(4)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(11)&#9;</FONT></TD>
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    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(384)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(48)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(430)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;10,124&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(5,517)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(700)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(253)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(102)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;242&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,794&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="9" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181">&sup1; Excluding depreciation, depletion and amortization. &sup2; Including copper and by-products from our nickel operations. &sup3; Starting in 3Q24, PTVI's EBITDA is included in &quot;Associates and JVs&quot; in &quot;Other&quot;. <SUP>&#8308;</SUP> Including by-products from our copper operations. <SUP>&#8309;</SUP> Includes an adjustment of US$ 113 million increasing the adjusted EBITDA in 4Q24, to reflect the performance of the streaming transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027. <SUP>&#8310;</SUP> Others EBITDA includes US$ 79 million in unallocated expenses from Vale Base Metals Ltd (&quot;VBM&quot;) in 4Q24. Considering the unallocated expenses, VBM&#8217;s EBITDA was US$ 462 million in 4Q24.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/120% Arial, Helvetica, Sans-Serif; margin: 8pt 0 8pt 0.5in; color: #FF0090">&nbsp;</P>


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<P STYLE="font: 22pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Annex 3: Additional information by business segment</B></P>

<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>Iron Ore Solutions: Financial
results detailed</B></P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #0ABB98"><B>Volumes, prices, premium and
revenues breakdown</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 44%; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 11%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Volume sold ('000 metric tons)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Fines&sup1;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;56,762</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;52,546</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;8%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;69,912</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-19%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">IOCJ</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4,596</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9,400</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-51%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9,287</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-51%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">BRBF</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;36,391</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;25,915</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;40%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;43,890</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-17%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pellet feed - China (PFC1)&sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3,809</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,536</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;50%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3,585</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Lump</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,679</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,809</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-7%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,535</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">High-silica products</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,957</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;7,163&#8308;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-73%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;852</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;130%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 12pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other fines (60-62% Fe)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8,329</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5,723&#8308;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;46%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;10,764</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-23%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Pellets</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;7,493</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;9,225</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-19%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;10,067</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-26%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>ROM</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,886</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,056</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-8%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,216</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;55%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total - Iron ore sales</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;66,141</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;63,827</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;81,196</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-19%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Share of premium products&sup3; (%)</FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;79%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;74%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;82%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Vale Sans Light,sans-serif; margin: 10pt 0 0; text-align: justify; color: #555555">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 44%; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 11%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Average prices (US$/t)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Iron ore - 62% Fe price index</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;103.6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;123.6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-16&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;103.4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Iron ore - 62% Fe low alumina index</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;103.3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;124.0&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-17&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;103.9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-1%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Iron ore - 65% Fe index</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;117.1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;135.7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-14&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;118.3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-1&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Provisional price at the end of the quarter</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;101.8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;102.0&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;100.8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Iron ore fines Vale's CFR reference (dmt)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;102.2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;111.9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-9&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;101.2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Iron ore fines realized price, CFR/FOB (wmt)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;90.8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;100.7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-10&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;93.0&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-2&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Iron ore pellets realized price, CFR/FOB (wmt)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;140.8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;171.9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-18&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;143.0&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-2&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Iron ore fines and pellets quality premium (US$/t)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Iron ore fines quality and premiums</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1.3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1.6)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-19&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1.0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-230&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Pellets business' weighted average contribution</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3.1</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3.8</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-18&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">3.6</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-14&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;&nbsp;&nbsp;All-in premium - Total</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>1.8</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>2.2</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-18&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>4.6</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-61&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net operating revenue by product (US$ million)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Fines</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5,154&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5,292&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-3&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6,503&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-21&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;ROM</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;29&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;27&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;7&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;61&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,055&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,585&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-33&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,440&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-27&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;137&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;121&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;13&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;190&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-28&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&nbsp;&nbsp;Total</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;6,375&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;7,025&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-9&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;8,151&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-22&#9;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 7.2pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181"><SUP>1</SUP> Including third-party purchases. <SUP>2</SUP> Products concentrated in Chinese facilities. <SUP>3 &nbsp;</SUP>Brazilian Blend Fines (BRBF), Caraj&aacute;s (IOCJ), pellets and pellet feed. <SUP>4</SUP> Restated from historical figures. </FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #0ABB98"><B>Volume sold by destination &#8211;
Fines, pellets and ROM</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="width: 34%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#8216;000 metric tons</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 13%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Americas</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;8,887&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;9,785&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-9&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;8,773&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Brazil</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8,160&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8,762&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-7&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;7,453&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;727&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,023&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-29&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,320&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-45&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Asia</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;50,438&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;46,872&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;8&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;64,663&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-22&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;China</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;39,635&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;37,406&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;52,404&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-24&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Japan</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4,834&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5,065&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-5&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6,270&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-23&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5,969&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4,401&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;36&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5,989&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Europe</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,962&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,317&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;19&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,362&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;18&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Germany</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,159&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;776&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;49&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,121&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;France</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;312&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;589&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-47&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;38&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;721&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,491&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,952&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;28&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,203&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;13&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Middle East</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,302&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,407&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-7&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,208&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-41&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Rest of the World</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,552&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,446&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-37&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,190&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-29&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;66,141&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;63,827&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;81,196&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-19&#9;%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #FF0090"><BR>
<BR>
</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: #007E7A"><B>Iron ore fines pricing</B></FONT></P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #0ABB98"><B>Pricing system breakdown (%)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 34%; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 13%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Lagged</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;14&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;14&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;14&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Current</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;61&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;61&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;58&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Provisional</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;25&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;25&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;28&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-11&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #00B0F0">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;100&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;100&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>0%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;100&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;0%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #0ABB98"><B>Price realization</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="width: 34%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$/t</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 13%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Average reference price (dmt)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;103.6&#9;</B></FONT></TD>
    <TD STYLE="border-right: #D2F2EC 1pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;123.6&#9;</B></FONT></TD>
    <TD STYLE="border-right: #D2F2EC 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-16%</B></FONT></TD>
    <TD STYLE="border-right: #D2F2EC 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;103.4&#9;</B></FONT></TD>
    <TD STYLE="border-right: #D2F2EC 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;0%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Quality and premiuns&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1.3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1.6)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-19&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1.0&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-230&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Impact of pricing system adjustments</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(0.3)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(10.1)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-97&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(3.1)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-90&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Provisional prices in prior quarter&sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0.7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(3.9)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-118&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1.9)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-137&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Lagged prices</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(0.4)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(0.3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;33&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Current prices</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(0.1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(0.9)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-89&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(0.2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-50&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Provisional prices in current quarter&sup3;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(0.5)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(5.3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-91&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(0.7)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-29&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>CFR reference (dmt)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;102.2&#9;</B></FONT></TD>
    <TD STYLE="border-right: #D2F2EC 1pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;111.9&#9;</B></FONT></TD>
    <TD STYLE="border-right: #D2F2EC 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-9%</B></FONT></TD>
    <TD STYLE="border-right: #D2F2EC 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;101.2&#9;</B></FONT></TD>
    <TD STYLE="border-right: #D2F2EC 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Adjustments for FOB sales&#8308;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(3.1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(1.8)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;72&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(0.3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;933&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Moisture</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(8.3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(9.4)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-12&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(7.8)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Vale realized price (wmt)&#8309;</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;90.8&#9;</B></FONT></TD>
    <TD STYLE="border-right: #D2F2EC 1pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;100.7&#9;</B></FONT></TD>
    <TD STYLE="border-right: #D2F2EC 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-10%</B></FONT></TD>
    <TD STYLE="border-right: #D2F2EC 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;93.0&#9;</B></FONT></TD>
    <TD STYLE="border-right: #D2F2EC 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 104%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 104%"><SUP>1</SUP> Includes quality (US$ 0.7/t) and premiums/discounts and commercial conditions (US$ -2.0/t). <SUP>2</SUP> Adjustment as a result of provisional prices booked in 4Q24 at US$ 100.8/t. <SUP>3</SUP> Difference between the weighted average of the prices provisionally set at the end of 1Q25 at US$ 101.8/t based on forward curves and US$ 103.6/t from the 1Q25 average reference price. <SUP>4</SUP> Includes freight pricing mechanisms of CFR sales freight recognition. <SUP>5</SUP> Vale&#8217;s price is net of taxes.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>Iron ore fines costs &amp; expenses</B></P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #0ABB98"><B>COGS - 1Q25 vs. 1Q24</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>Exchange</B></P>
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>rate </B></P></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Others</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Total variation</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #EDB111 2.25pt solid; border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">C1 cash costs</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,446&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;101&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(138)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(8)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(45)&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,401&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Freight</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;860&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;124&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(38)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;86&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;946&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Distribution costs</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;128&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;10&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;86&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;96&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;224&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Royalties &amp; others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;269&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;21&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(51)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(30)&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;239&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total costs before depreciation and amortization</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,703&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;256&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(138)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(11)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;107&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,810&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Depreciation</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;293&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;19&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(35)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;38&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;22&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;315&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;2,996&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;275&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(173)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;27&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;129&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;3,125&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #0ABB98"><B>Cash cost and freight</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #3CB5E5; padding-top: 0.65pt; padding-right: -0.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 44%; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 11%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5; padding-top: 2.15pt; padding-right: -0.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>C1 cash cost (US$ million)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5; padding-top: 2.15pt; padding-right: -0.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">C1 cash cost, including third-party purchase costs (A)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,401</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,446</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-3&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,494</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-6&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5; padding-top: 2.15pt; padding-right: -0.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Third-party purchase cost adjustment&sup1; (B)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;340</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;347</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-2&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;278</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;22&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5; padding-top: 2.15pt; padding-right: -0.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">C1 cash cost, ex-third-party purchase costs (C = A &#8211; B)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,061</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,100</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-4&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,216</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-13&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5; padding-top: 2.15pt; padding-right: -0.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Sales volumes (Mt)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: -2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: -2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: -2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: -2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: -2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5; padding-top: 2.15pt; padding-right: -0.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Volume sold&sup2; (D)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;56.8</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;52.5</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;69.9</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-19&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5; padding-top: 2.15pt; padding-right: -0.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Volume sold from third-party purchases (E)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6.2</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5.6</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;11&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5.3</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;17&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5; padding-top: 2.15pt; padding-right: -0.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Volume sold from own operations (F = D &#8211; E)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;50.6</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;46.9</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;64.6</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-22&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5; padding-top: 2.15pt; padding-right: -0.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678"><B>C1 cash cost&sup2;, FOB (US$/t)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: -2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: -2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: -2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: -2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: -2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5; padding-top: 2.15pt; padding-right: -0.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">C1 cash cost, ex-third-party purchase costs (C/F)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;21.0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;23.5</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-11&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;18.8</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;12&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5; padding-top: 2.15pt; padding-right: -0.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Average third-party purchase C1 cash cost (B/E)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;54.8</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;61.4</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-11&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;52.6</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5; padding-top: 2.15pt; padding-right: -0.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Iron ore cash cost (A/D)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;24.7</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;27.5</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-10&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;21.4</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;15&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5; padding-top: 2.15pt; padding-right: -0.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678"><B>Freight</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: -2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: -2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: -2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: -2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: -2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5; padding-top: 2.15pt; padding-right: -0.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Maritime freight costs (G)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;946</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;860</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;10&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,234</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-23&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5; padding-top: 2.15pt; padding-right: -0.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">CFR sales (%) (H)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;90%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;85%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5 p.p.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;88%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2 p.p.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5; padding-top: 2.15pt; padding-right: -0.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Volume CFR (Mt) (I = D x H)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;50.9</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;44.5</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;14&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;61.7</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-18&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5; padding-top: 2.15pt; padding-right: -0.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-size: 9pt; color: #00B0F0">0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Freight unit cost (US$/t) (G/I)</FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;18.6</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;19.3</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-2&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;20.0</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-5&#9;%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%"><SUP>1</SUP>&nbsp;Includes logistics costs related to third-party purchases. <SUP>2</SUP>&nbsp;Excludes ROM, royalties and distribution costs.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #0ABB98"><B>Expenses </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="width: 44%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 11%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">SG&amp;A</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;14&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;35&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-60&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;56&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">R&amp;D</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;45&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;70&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-36&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;110&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-59&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Pre-operating and stoppage expenses</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;58&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;51&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;14&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;75&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-23&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other expenses</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(10)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;14&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-171&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;15&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-167&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;107&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;170&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-37%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;209&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-49%</B></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>Iron Ore Solutions: Project Details</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Growth projects</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Capex 1Q25</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Financial Progress&sup1;</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Physical Progress</B></FONT></TD>
    <TD STYLE="width: 39%; border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Comments</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 8pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><I>Serra Sul +20</I></P>
    <P STYLE="font: 8pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><I>Capacity: 20 Mtpy</I></P>
    <P STYLE="font: 8pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><I>Start-up: 2H26</I></P>
    <P STYLE="font: 8pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><I>Capex: US$ 2,844 MM</I></P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555">135</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555">54%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555">73%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #747678">The semi-mobile crusher has been connected to mining production and load tests will restart in 2Q25. Assembly of the long-distance conveyor belt is progressing as planned. At the plant, the secondary crusher and other buildings are being assembled.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 8pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><I>Briquettes Tubar&atilde;o</I></P>
    <P STYLE="font: 8pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><I>Capacity: 6 Mtpy</I></P>
    <P STYLE="font: 8pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><I>Start-up: 4Q23 (Plant 1) | 2025 (Plant 2)</I></P>
    <P STYLE="font: 8pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><I>Capex: US$ 342 MM</I></P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555">10</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555">93%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555">96%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #747678">Plant 2 continues with stabilization works.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Sustaining projects</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Capex 1Q25</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Financial Progress&sup1;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Physical Progress</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #007E7A; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Comments</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 8pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><I>Compact Crushing S11D</I></P>
    <P STYLE="font: 8pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><I>Capacity: 50 Mtpy</I></P>
    <P STYLE="font: 8pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><I>Start-up: 2H26</I></P>
    <P STYLE="font: 8pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><I>Capex: US$ 755 MM</I></P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555">79</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555">51%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555">69%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #747678">Construction of the primary crusher continues to advance according to schedule.&nbsp;&nbsp;The assembly of the secondary crusher has advanced to 20%.&nbsp;&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt/120% Vale Sans Light,sans-serif; margin: 0 0 10pt; text-align: justify; color: #818181"><SUP><BR>
1</SUP>&nbsp;CAPEX disbursement until end of 1Q25 vs. CAPEX expected.</P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #0ABB98"><B>Projects under evaluation</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="width: 25%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Apolo</B></FONT></TD>
    <TD STYLE="width: 35%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Capacity: 14 Mtpy</B></FONT></TD>
    <TD STYLE="width: 39%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Southeastern System (Brazil)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Growth project</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Vale&#8217;s ownership: 100%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Open pit mine</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Briquette plants</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Capacity: Under evaluation</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Stage: 2 plants at FEL3; 5 plants at different stages of FEL</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Brazil and other regions</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Growth project</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Investment decision: 2025-2030</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Vale&#8217;s ownership: N/A</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cold agglomeration plant</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Itabira mines</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Capacity: 25 Mtpy</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Stage: projects at different phases of FEL1 and FEL2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Southeastern System (Brazil)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Replacement project</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Vale&#8217;s ownership: 100%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Open pit mine</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Diverse pits and tailing and waste stockpile projects aimed at maintaining Itabira&acute;s long-term production volumes. </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Mega Hubs</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Capacity: Under evaluation</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Stage: Prefeasibility Study</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Middle East</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Growth project</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Vale&#8217;s ownership: N/A</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Industrial complexes for iron ore concentration and agglomeration and production of direct reduction metallics</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Vale continues to advance in negotiations with world-class players and jointly study the development of Mega Hubs</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>S11C</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Capacity: Under evaluation</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Northern System (Brazil)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Replacement project</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Vale&#8217;s ownership: 100%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Open pit mine</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Serra Norte N1/N2&sup1;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Capacity: 10 Mtpy</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Northern System (Brazil)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Replacement project</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Vale&#8217;s ownership: 100%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Open pit mine</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 6pt/120% Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #818181"><SUP>1</SUP>&nbsp;Project scope is
under review given permitting constraints.</P>

<P STYLE="font: 6pt/120% Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #818181">.</P>


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<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Energy Transition
Metals: </B></FONT><B><FONT STYLE="color: #00B0F0">Copper</FONT></B></P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #3CB5E5"><B>Revenues &amp; price realization</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 39%; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 12%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Volume sold</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Copper ('000 metric tons)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;61&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;56&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;74&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-18&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Gold as by-product (&#8216;000 oz)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;95&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;85&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;12&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;121&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-21&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Silver as by-product (&#8216;000 oz)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;278&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;188&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;48&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;257&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Average prices</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Average LME copper price (US$/t)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9,340&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8,438&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;11&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9,193&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Average copper realized price (US$/t)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8,891&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;7,687&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9,187&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-3&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Gold (US$/oz)&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,944&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,083&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;41&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,834&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Silver (US$/oz)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;32&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;24&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;33&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;34&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-6&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net revenue (US$ million)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Copper</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;541&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;434&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;25&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;683&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-21&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Gold as by-product&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;281&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;176&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;60&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;342&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-18&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Silver as by-product</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;125&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;830&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;615&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;35&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,034&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-20&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">PPA adjustments&sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;70&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;24&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;192&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(71)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net revenue after PPA adjustments</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;900&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;639&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;41&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;964&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-7&#9;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%"><SUP>1</SUP> Revenues presented above were adjusted to reflect the market prices of products delivered related to the streaming transactions. <SUP>2</SUP> PPA adjustments to be disclosed separately from 1Q24 onwards. On March 31st, 2025, Vale had provisionally priced copper sales from Sossego and Salobo totaling 33,318 tons valued at weighted average LME forward price of US$ 10.030/t, subject to final pricing over the following months.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #3CB5E5"><B>Breakdown of copper realized prices
</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 39%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$/t</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 12%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Average LME copper price</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,340</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,438</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">11&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,193</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">2&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Current period price adjustments&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(85)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(20)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">325&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">262</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Copper gross realized price</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,256</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">8,418</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">10&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">9,455</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-2&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Prior period price adjustments&sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(79)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(210)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-62&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">201</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Copper realized price before discounts</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>9,177</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>8,208</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>12&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>9,656</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-5&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">TC/RCs, penalties, premiums and discounts&sup3;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(286)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(522)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-45&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">(468)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">-39&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Average copper realized price</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>8,891</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>7,687</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>16&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>9,187</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>-3&#9;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%">Note: Vale's copper products are sold on a provisional pricing basis, with final prices determined in a future period. The average copper realized price excludes the mark-to-market of open invoices based on the copper price forward curve (unrealized provisional price adjustments) and includes the prior and current period price adjustments (realized provisional price adjustments). <SUP>1</SUP> Current-period price adjustments: Final invoices that were provisionally priced and settled within the quarter. <SUP>2</SUP> Prior-period price adjustment: Final invoices of sales provisionally priced in prior quarters. <SUP>3</SUP> TC/RCs, penalties, premiums, and discounts for intermediate products.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #3CB5E5"><B>&nbsp;</B></P>


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<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Energy Transition
Metals:</B></FONT><B> <FONT STYLE="color: #00B0F0">Nickel</FONT></B></P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #3CB5E5"><B>Revenues &amp; price realization</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 34%; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 13%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 13%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Volume sold ('000 metric tons)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Nickel</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;39&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;33&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;18&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;47&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-17&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Copper</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;21&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;20&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;25&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-16&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Gold as by-product ('000 oz)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;12&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-25&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Silver as by-product ('000 oz)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;294&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;245&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;20&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;224&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;31&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">PGMs ('000 oz)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;56&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;73&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-23&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;72&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-22&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cobalt (metric ton)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;681&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;465&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;46&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;700&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-3&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Average realized prices (US$/t)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Nickel</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16,106&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16,848&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-4&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16,163&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Copper</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;7,983&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;7,482&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;7&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8,222&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-3&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Gold (US$/oz)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3,034&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,051&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;48&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,694&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;13&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Silver (US$/oz)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;31&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;23&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;35&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;35&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-11&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cobalt</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;26,434&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;30,500&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-13&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;26,575&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-1&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net revenue by product (US$ million)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Nickel</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;623&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;557&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;12&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;762&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-18&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Copper</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;168&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;153&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;10&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;202&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-17&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Gold as by-product&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;27&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;24&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;13&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;24&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;13&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Silver as by-product </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;50&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;13&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">PGMs</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;57&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;68&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-16&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;83&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-31&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Cobalt&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;14&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;29&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;19&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-5&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;10&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-10&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;13&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;911&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;832&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;9&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,105&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-18&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">PPA adjustments&sup2;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;58&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(37)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Net revenue after PPA adjustments</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;969&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;835&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;16&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1,068&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-9&#9;%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%"><SUP>1</SUP> Revenues presented above were adjusted to reflect the market prices of products delivered related to the streaming transactions. <SUP>2</SUP> PPA adjustments started to disclose separately in&nbsp;1Q24.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #3CB5E5"><B>Breakdown of nickel volumes sold,
realized price and premium</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 44%; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q25</B></FONT></TD>
    <TD STYLE="width: 11%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; y/y</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>4Q24</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>&#916; q/q</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Volumes (kt)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Upper Class I nickel</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;23.0&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;20.8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;11&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;25.5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-10&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">- of which: EV Battery</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2.3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0.8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;188&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2.1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;10&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Lower Class I nickel</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6.6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3.5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;89&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5.9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;12&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Class II nickel</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;8.9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4.4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;102&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;14.3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-38&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Intermediates</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0.4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4.5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-91&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1.5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-73&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;38.9&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;33.1&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;18&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;47.1&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;-17&#9;%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Nickel realized price (US$/t)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">LME average nickel price</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;15,571&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16,589&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-6&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16,038&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-3&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Average nickel realized price</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16,106&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16,848&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;-4&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;16,163&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Contribution to the nickel realized price by category:</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Nickel average aggregate premium/(discount)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;535&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;515&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4&#9;%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;226&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;137&#9;%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Other timing and pricing adjustments contributions&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D7F0F9; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(256)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(101)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">n.a.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="7" STYLE="padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 6pt; color: #818181; line-height: 120%"><SUP>1</SUP> Comprises (i) the realized quotational period effects (based on sales distribution in the prior three months, as well as the differences between the LME price at the moment of sale and the LME average price), with a negative impact of US$76/t and (ii) fixed-price sales, with a positive impact of US$77/t.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #3CB5E5"><B>Product type by operation</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 27%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>% of sales</B></FONT></TD>
    <TD STYLE="width: 24%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>North Atlantic&sup1;</B></FONT></TD>
    <TD STYLE="width: 24%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Matsusaka</B></FONT></TD>
    <TD STYLE="width: 24%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>On&ccedil;a Puma</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Upper Class I</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">73.3</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Lower Class I</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">21.3</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Class II</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">4.3</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">98.7</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">100</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Intermediates</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1.1</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">1.3</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#8211;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt Vale Sans Light,sans-serif; margin: 0 0 10pt; text-align: justify; color: #818181"><SUP>1</SUP> Comprises Sudbury,
Clydach and Long Harbour refineries.</P>


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<P STYLE="font: 14pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>Energy Transition Metals: Projects
Details</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 28%; border-bottom: #B6B6B6 1pt solid; background-color: #3CB5E5; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Growth projects</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; background-color: #3CB5E5; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Capex 1Q25</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; background-color: #3CB5E5; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white; letter-spacing: -0.4pt"><B>Financial progress&sup1;</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #B6B6B6 1pt solid; background-color: #3CB5E5; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: center; color: white"><B>Physical</B></P>
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: center; color: white"><B>progress</B></P></TD>
    <TD STYLE="width: 38%; border-bottom: #B6B6B6 1pt solid; background-color: #3CB5E5; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Comments</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 8pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><I>On&ccedil;a Puma 2nd Furnace</I></P>
    <P STYLE="font: 8pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><I>Capacity: 12-15 ktpy</I></P>
    <P STYLE="font: 8pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><I>Start-up: 2H25</I></P>
    <P STYLE="font: 8pt Vale Sans Light,sans-serif; margin: 0; color: #555555"><I>Capex: US$ 555 MM</I></P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #BFE4FF; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555">26</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555">54%</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #555555">85%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 8pt; color: #747678">The project is progressing according to the schedule and within budget. The furnace assembly is underway.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt/120% Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #818181"><SUP><BR>
1</SUP> CAPEX disbursement until end of 1Q25 vs. CAPEX expected.</P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #3CB5E5"><B>Projects under evaluation</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="width: 36%; border-left: #007E7A 3pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #3CB5E5; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Copper</B></FONT></TD>
    <TD STYLE="width: 30%; border-bottom: #B6B6B6 1pt solid; background-color: #3CB5E5; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 33%; border-bottom: #B6B6B6 1pt solid; background-color: #3CB5E5; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Alem&atilde;o</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Capacity: 60 -70 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Caraj&aacute;s, Brazil</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Growth project</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Investment decision: 2026</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Vale&#8217;s ownership: 100%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Underground mine</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">115 kozpy Au as by-product</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>South Hub extension (Bacaba)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Capacity: 60-80 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Stage: FEL3&sup1;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Caraj&aacute;s, Brazil</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Replacement project</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Investment decision: 2Q25</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Vale&#8217;s ownership: 100%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Open pit</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Development of mines to feed Sossego mill</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Victor</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Capacity: 20 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Ontario, Canada</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Replacement project</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Investment decision: 2025-2026</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Vale&#8217;s ownership: N/A</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Underground mine</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">5 ktpy Ni as co-product; JV partnership under discussion</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Hu&#8217;u</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Capacity: 300-350 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Dompu, Indonesia</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Growth project</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">200 kozpy Au as by-product</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Vale&#8217;s ownership: 80%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Underground block cave</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Paulo Afonso (North Hub)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Capacity: 70-100 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Caraj&aacute;s, Brazil</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Growth project</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Vale&#8217;s ownership: 100%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Mines and processing plant</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Salobo Expansion</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Capacity: 20-30 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Caraj&aacute;s, Brazil</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Growth project</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Investment decision: 2026-2027</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Vale&#8217;s ownership: 100%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Processing plant</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; background-color: #3CB5E5; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: white"><B>Nickel</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #3CB5E5">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #3CB5E5">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>CCM Pit</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Capacity: 12-15 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Ontario, Canada</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Replacement project</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Investment decision: 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Vale&#8217;s ownership: 100%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Open pit mine</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7-9 ktpy Cu as by-product</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>CCM Ph. 3</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Capacity: 5-10 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Ontario, Canada</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Replacement project</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Investment decision: 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Vale&#8217;s ownership: 100%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Underground mine</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7-13 ktpy Cu as by-product</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>CCM Ph. 4</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Capacity: 7-12 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Ontario, Canada</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Replacement project</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">7-12 ktpy Cu as by-product</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Vale&#8217;s ownership: 100%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Underground mine</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Nickel Sulphate Plant</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Capacity: ~25 ktpy</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Quebec, Canada</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Growth project</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Investment decision: 2025 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #007E7A">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #007E7A 3pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Vale&#8217;s ownership: N/A</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 6pt/120% Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #818181"><SUP>1</SUP> Refers to the most advanced
projects (Bacaba and Cristalino).</P>


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<P STYLE="font: 22pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><B>Annex 4: Brumadinho, Samarco &amp;<BR>
Dam Decharacterization</B></P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #D2A000"><B>Brumadinho &amp; Dam decharacterization</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 26%; border-bottom: #B6B6B6 1pt solid; padding-top: 0.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Provisions balance 31Dec24</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>EBITDA impact&sup2;</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Payments</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>FX and other adjustments&sup3;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-top: #EDB111 2.25pt solid; border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0.65pt 0 0; text-align: center; color: #007E7A"><B>Provisions balance</B></P>
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0 0 1.5pt; text-align: center; color: #007E7A"><B>31Mar25</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Decharacterization</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,213&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(9)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(79)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;217&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,342&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Agreements &amp; donations&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1,970&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;39&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(84)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;207&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,132&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total Provisions</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4,183&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;30&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(163)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;424&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4,474&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Incurred Expenses</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;67&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(67)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4,183&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;97&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(230)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;424&#9;</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4,474&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt/120% Vale Sans Light,sans-serif; margin: 0 0 10pt; text-align: justify; color: #818181"><SUP>1</SUP> Includes Integral
Reparation Agreement, individual, labor and emergency indemnifications, tailing removal and containment works. <SUP>2</SUP> Includes the
revision of estimates for provisions and incurred expenses, including discount rate effect. <SUP>3</SUP> Includes foreign exchange, present
value and other adjustments.</P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #D2A000"><B>Impact of Brumadinho and Decharacterization
from 2019 to 1Q25</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 43%; border-bottom: #B6B6B6 1pt solid; padding-top: 0.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>EBITDA impact</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Payments</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>FX and other adjustments&sup2;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; border-top: #EDB111 2.25pt solid; border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0.65pt 0 0; text-align: center; color: #007E7A"><B>Provisions balance </B></P>
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0 0 1.5pt; text-align: center; color: #007E7A"><B>31Mar2025</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Decharacterization</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;4,976&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(2,208)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(426)&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,342&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Agreements &amp; donations&sup1;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;9,274&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(7,325)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;183&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2,132&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total Provisions</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;14,250&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(9,533)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(243)</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4,474&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Incurred expenses</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3,413&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(3,413)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;180&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(178)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #D2F2EC; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;17,843&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(13,124)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(245)</B></FONT></TD>
    <TD STYLE="border-right: #EDB111 2.25pt solid; border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;4,474&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt/120% Vale Sans Light,sans-serif; margin: 0 0 10pt; text-align: justify; color: #818181">&sup1; Includes Integral Reparation
Agreement, individual, labor and emergency indemnifications, tailing removal and containment works. &sup2; Includes foreign exchange,
present value and other adjustments.</P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #D2A000"><B>Cash outflow of Brumadinho &amp;
Decharacterization commitments<SUP>1 2</SUP></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 49%; border-bottom: #B6B6B6 1pt solid; padding-top: 0.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>US$ billion</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Disbursed from 2019 to 1Q25</B></FONT></TD>
    <TD STYLE="width: 10%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>2025</B></P>
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>(excl. 1Q25)</B></P></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2026</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2027</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>Yearly average</B></P>
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>2028-2035&sup3; </B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Decharacterization</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(2.2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0.4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0.5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0.4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0.2&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Integral Reparation Agreement &amp; other reparation provisions</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(7.3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0.8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0.7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0.4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0.2&#8308;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">Incurred expenses</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;(3.4)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0.3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0.3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;0.3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">0.2&#8309;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Total </B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;(12.9)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1.5&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1.5&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1.1&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt/120% Vale Sans Light,sans-serif; margin: 0 0 10pt; text-align: justify; color: #818181"><SUP>1</SUP> Estimate cash
outflow for 2024-2035 period, given BRL-USD exchange rates of 5.7422. <SUP>2</SUP> Amounts stated without discount to present value, net
of judicial deposits and inflation adjustments. <SUP>3</SUP> Estimate annual average cash flow for Decharacterization provisions in the
2028-2035 period is US$ 232 million per year. <SUP>4</SUP> Disbursements related to the Integral Reparation Agreement ending in 2031.
<SUP>5</SUP> Disbursements related to incurred expenses ending in 2029.</P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #D2A000"><B>Cash outflow of Samarco commitments<SUP>1</SUP></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 38%; border-bottom: #B6B6B6 1pt solid; padding-top: 0.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-top: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-top: 0.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Already disbursed</B></FONT></TD>
    <TD STYLE="width: 9%; border-left: #EDB111 2.25pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>2025 </B></P>
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>(excl. 1Q25)</B></P></TD>
    <TD STYLE="width: 6%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2026</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2027</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2028</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2029</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>2030</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #007E7A"><B>Yearly average 2031-2043</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Mariana reparation &#8211; 100%</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;48.3&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;21.9&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;11.6&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;6.5&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5.9&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5.4&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5.8&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5.1&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #555555">Vale&#8217;s contribution (R$ billion)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;10.5&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;5.8&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;3.2&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;2.2&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1.8&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;1.4&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans Light,sans-serif; font-size: 9pt; color: #747678">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #EDB111">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>Vale&#8217;s contribution&sup2; (US$ billion)</B></FONT></TD>
    <TD STYLE="border-bottom: #EDB111 2.25pt solid; border-left: #EDB111 2.25pt solid; background-color: #D2F2EC; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; border-left: #EDB111 2.25pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1.8&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;1.0&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;0.6&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;0.4&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;0.3&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;0.2&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #747678"><B>&#9;&#8211;&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 6pt/112% Vale Sans Light,sans-serif; margin: 0; text-align: justify; color: #818181"><SUP>1</SUP> Amounts stated in real
terms. <SUP>2</SUP> BRL-USD exchange final rate of March 31, 2025 of 5.7422.</P>



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

<P STYLE="font: bold 16pt Caecilia Light; margin: 0; text-align: justify; color: #007e7a"></P>

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



<P STYLE="margin: 0pt"></P>

<P STYLE="margin: 0pt"></P>

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

<!-- Field: Page; Sequence: 37; Options: Last -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signatures</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Vale S.A.<BR>
    (Registrant) &nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Thiago Lofiego</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Date: April 24, 2025</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0in"> Director of Investor Relations</TD></TR>
  </TABLE>



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



<P STYLE="margin: 0pt"></P>



<P STYLE="margin: 0pt"></P>

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<DOCUMENT>
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begin 644 image_009.jpg
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image_010.jpg
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<TEXT>
begin 644 image_010.jpg
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>image_011.jpg
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<TEXT>
begin 644 image_011.jpg
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<DOCUMENT>
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