1Q11 Highlights

11-30-10

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Agenda

Mining

Highlights & Subsequent Events

Natural Gas

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Mining

MPX Ventures

Estimates by DeGolyer & MacNaughton indicated a total of 11.3 Tcf of risked gas resources in

the seven onshore blocks operated by OGX Maranhão in the Parnaíba Basin

Installation License for the MPX Parnaíba, a 1,863 MW gas-fired power plant granted and

licensing process for additional 1,859 MW initiated

5 rigs secured for drilling in the area of San Juan in Colombia and 2 additional rigs being

contracted

Environmental Licensing process for infrastructure in Colombia advanced with DAA approval

1Q11 MPX Highlights

Environmental Licensing process for infrastructure in Colombia advanced with DAA approval

for the port and route of the 150 km railroad.

MPX to raise up to R$ 1,3 billion to fund development of key ventures MPX Parnaíba and

MPX Colombia.

Environmental license to 2,100 MW coal-fired power plant in Chile and Preliminary License

to 3,300 MW gas-fired power plant at the Superporto do Açu .

Energia Pecém and MPX Itaqui power plants progressing to start up in 2H11. MPX Pecém II

construction works are well-advanced.

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Parnaíba Basin: Onshore Natural Gas Blocks with

Risked Resources of 11.3 Tcf

Estimates by DeGolyer and MacNaughton (April, 2011)

NATURAL GAS (in billion cubic feet - Bcf)

GROSS

NET

Contingent Resources

3C

3C

Contingent Gas Resources

952

222

Total Prospective Resources (unconventional + conventional)

Mean

Mean

Unrisked Prospective Gas Resources

56,127

13,096

Risked Prospective Gas Resources

10,978

2,561

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2 wells concluded with success + 2 wells in process

9 wells planned for 2011

(i) 2C Contingent Gas Resources: Total– 334 Bcf ; Net – 78 Bcf

(ii) Contingent Resources: 2 accumulations discovered

(ii) Prospective Resources: 6 oil leads and 18 gas prospects

OIL (in million barrels)

GROSS

NET

Prospective Resources

Mean

Mean

Unrisked Prospective Oil Resources

1,946

454

Risked Prospective Oil Resources

96

22

Installation License to develop 1,863 MW

granted

Licensing of additional 1,859 MW unerway

Power plants strategically located on the PN-T-

68 block with easy access to gas supply

Inexpensive connection to the grid

Integrated 3.7 GW Power Generation Complex

Exploratory

BlocksTPP

. 6

Colombia: 5 Drilling Rigs Already Secured

Unique geology: large and continuous coal deposit

Over 100 coal seams

22 seams > 1.5m thick

8 sea,s > 3.0 m thick

Engineering projects by Golder Associates/Marsten&Marsten and Worley Parsons

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5 drilling rigs secured + 2 rigs being

contracted

Fully integrated logistics with

environmental pre-feasibility approved

150km Railroad: flat route, parallel

to existing roads

Port: best combination of deepest

water & flatter area in La Guajira

0

5

10

15

20

25

30

35

40

MT

PY

PRODUCTION Ramp-up

PHASE 1 PHASE 2

Structure Convertible Debentures

VolumeR$ 1.0 Bi – R$ 1.3* Bi (R$ 600M BNDES + R$ 200M EB + R$ 200M Gávea + Minority

Raising R$ 1.3 billion to Fund MPX Parnaíba and

MPX Colombia

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VolumeR$ 1.0 Bi – R$ 1.3* Bi (R$ 600M BNDES + R$ 200M EB + R$ 200M Gávea + Minority

Shareholders)

Tenure 3 years

Rate IPC-A + 4.00% aa

Conversion Price R$ 43.0/share

* Considering 0% and 100%, respectively of free float subscription

Principal escalated by IPC-A + 4% spread payable annually

Proven Track Record in the Development of

Robust Projects

Integrated Project: Power Plant + Deep-Water

Port + Desalination Plant

Strategic location

SIC: Central Interconnected System (90% of GDP

& 92% of population)

Large pent-up demand for energy and water

Port concession and environmental license

Chile: Environmental license for 2,100 MW Açu: Environmental License to 5,400 MW

3,300 MW gas + 2,100 MW coal

Strategic Location at the Açu Superport

Close to natural gas accumulations discovered in

the Campos Basin

Potential supplier for industries located within

the Açu Superport

Highly competitive energy supplier due to

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Port concession and environmental license

granted

Highly competitive energy supplier due to

benefit from auto production sharing

Startup of Contracted Power Plants in 2H11

2Q09

Spot¹

Spot¹ Fixed Gross Revenue: R$ 248.0 MM/y²

4Q07

3Q08

1Q09

2012 20134Q11 3Q12

Fixed Gross Revenue: R$ 261.3 MM/y²

Fixed Gross Revenue: R$ 276.7 MM/y²

Construction works at Energia Pecem

Construction works at MPX Pecem II

Spot

*Energia Pecém is a 50/50 partnership between MPX and EDP

**PPA – Power Purchase Agreement

¹ Energy sold in spot market before PPA start date

² As of Mar/2010

Energy sold in A-5

auction 2007

• Energia Pecém

• MPX Itaqui

Energy sold in A-5 auction 2008:

• MPX Pecém II

Construction works at MPX Itaqui

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² As of Mar/2010

Energia Pecém e Pecém II Itaqui

All the rights reserved to MPX

March/2011

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