MMX: CREATING CHOICES IN SEABORNE IRON ORE SUPPLY

Rio de Janeiro | January 2012

A UNIQUE STORY

1

INGREDIENTS FOR A SUCCESSFUL IRON ORE BUSINESS

SRK certification: 3.1 billion tons of mineral resources, and further mineral

potential of up to 1.4 billion tons

Owned Sudeste Superport at 50 Mtpy, expandable to 100 Mtpy, provides gateway

to seaborne markets.

Integrated infrastructure, with the existing MRS railway providing an efficient link

between mine and port

Strong Resource Base

GuaranteedLogistics

Competitive Cost Structure

3

potential of up to 1.4 billion tons

64% of future production already committed through long-term contracts.

Experienced management team with implementation and operational expertise.

Installed Capacity of 10 Mtpy (Serra Azul and Corumbá sites)

Strong balance sheet and project fundamentals to attract competitive funding

Current operations provide strong FCF

Base

Secured Offtake

Operational Track Record

Solid Financial Position

THE ONLY ONE OF ITS KINDMMX Uniqueness

Sudeste System

Production committed to important global consumers –China and South Korea – through long-term contracts

Brownfield start up

Expanding beyond 50 Mtpy in Brazil and Chile, through fully integrated systems: own deep water Chinamax enabled superports and pipelines

Location

Sudeste SystemSerra Azul Unit

Bom Sucesso Unit

Corumbá System

Sudeste Superport

Chile System

superports and pipelines

Unique port location and strong balance sheet leverage significant value creation through consolidation of stranded iron ore resources in the Southeast of Brazil

Strong cash generation

Proven track record delivering value to shareholders

FINANCIAL HIGHLIGHTS

72.8 75.2 61.6

0

30

60

90

3Q10 2Q11 3Q11*

EBITDA (R$ million)

1.1 1.3 1.5

0.6 0.8 0.7

0,0

1,0

2,0

3Q10 2Q11 3Q11

Sales (million ton)

*excluding non recurent itens

46% 37% 27%

54% 63% 73%

0%

50%

100%

3Q10 2Q11 3Q11

Debt profile

Short Term Long Term

MI ME

88.5 90.9

(243.2)

-250

-150

-50

50

3Q10 2Q11 3Q11

Net Profit (R$ million)

SUDESTE SYSTEM

2

UNIQUE INTEGRATED LOGISTICSSince Iron ore is a bulk commodity, an integrated logistic (mine ����railway ���� port) is the key factor for a successful operation

Mine SuperportRailway

Serra Azul unit is near to theMRS railway - 10 km from themine, a distance currentlytraversed by trucks.

MMX has a long term contractwith MRS railway, which connectsthe mine with the CSN’s Itaguaíport and to the SudesteSuperport.

Sudeste Superport is located inItaguaí and will have 50Mtpy ironore shipping capacity. The Superportwill have a depth of 20 meters,enough to handle Capesize vessels.

Offtakers (Shareholders)

Long-Term contract (20 years) to trade ironore. SK will take-off part of the SudesteSystem yearly production equivalent to itsparticipation in MMX Capital (14%).

SK and Wisco will togetherofftake 64% of total production

Long-Term contract (20 years). Wisco willoff-take at least 50% of MMX Sudesteproduction.

QUADRILÁTERO FERRÍFEROIron ore Quadrangle

RAILWAYRailway access conecting MRS to the Sudeste Superport

SERRA AZULGrowth through consolidation while leveraging existing infrastructure

SERRA AZULSerra Azul Unit Expansion Project

New Beneficiation Plant, transmission line and water pipelines, Stockyard and Loading Terminal

Pit

Serra Azul ExpansionBeneficiation Plant

Sudeste SuperportLocation

NauticalAccess

Offshore

Tunnel

Sudeste SuperportArtistic View

Stockyard 32

Stockyard 06

Railway Access

SUDESTE SUPERPORTOverview

Highlights

50 mtpy capacity, expandable to 100 mtpy

Capesizes handling

Loading: 2 ship loaders of 25 Mtpy each

Sudeste Superport - Itaguaí

Fully funded (BNDES)

Start-up forecast: 1Q13

100% of equipment already ordered

Licensing for 100 Mtpy underway

SUDESTE SUPERPORTOverview

Highlights

Tunnel: Meeting of the two excavation fronts as of September 2011

EIA-RIMA for 100 Mtpy filed with Inea in September

Sudeste Superport - Itaguaí

September

Licensed to 50 Mtpy

Navy Approval to 100 Mtpy

Sudeste SuperportRailway access

Sudeste SuperportStockyard Elevation 6 m

Sudeste SuperportCar Dumpers Elevation 6 m

Sudeste SuperportMariquita Hill

Sudeste SuperportStockyard Elevation 32 m

11 m

20.5 m

Sudeste SuperportTunnel entrance

Sudeste SuperportTunnel exit

Bridge450 m

Superporto SudesteOffshore Structure - Bridge

Pier766 m

Superporto SudesteOffshore StructureBridge and Pier

Bridge250 m

Superporto SudesteOffshore Structure

Ilha da Madeira

Funding: BNDES FINAME - PSI

Total Amount: R$ 407.1 mm

Interest Rate per Year: 4.50%

Amortization: 8 years

Grace Period: 2 years

SUDESTE SUPERPORTCAPEX and Funding

1.276

CAPEX

Actual Forecast

Funding: BNDES FINEM

Total Amount: R$ 805.1 mm

Interest Rate per Year: TJLP + 2.18%

Amortization: 10 years

Grace Period: 2 years

Requested Supplementary Funding : R$ 552 million

86 40 63

286 649

2007 2008 2009 2010 2011 to 2013

SUDESTE SUPERPORTConstruction schedule

Preliminary License

Construction LIcense

Funding BNDES FINAME-PSI

ANTAQ License

Funding BNDES FINEM

Civil Construction:

���

��

1S09 2S09 1S10 2S10 1S11 2S11 1S12 2S12 1S13

�

Civil Construction:

Stockyard 06

Stockyard 32

Tunnel

Offshore

Road-rail access

Equipment sett up:

Car dumpers

Shiploader

Stacker reclaimer

Belt conveyor

�

Investor RelationsGuilherme Escalhão – CEO and IRO

Camila Anker– ManagerRafaela Gunzburger – AnalystBeatriz Yoshinaga - Analyst

Tel. + 55 21 2555-6197/ 6338/4240ri@mmx.com.br