The company’s approach to risk management is divided into four dimensions: – Market: assessing the impact of the volatility of risk factors such as interest rates, exchange rates and commodity prices, on cash � ow; – Credit: reviews the possibility of default of obligations undertaken by counterparties (customers, � nancial institutions and suppliers, among others) with Vale; – Operational: includes the evaluation of the risk of potential losses resulting from failures or shortcomings in internal processes, people, systems and/or external events.