MMX: CREATING CHOICES IN SEABORNE IRON ORE SUPPLY

Rio de Janeiro | January 2012

A UNIQUE STORY

1

THE ONLY ONE OF ITS KIND

MMX Uniqueness

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 superports and pipelines

Sudeste SystemSerra Azul Unit

Bom Sucesso UnitCorumbá System

Sudeste Superport

Chile System

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

3

ESTRUTURA SOCIETÁRIA

42% ControllingShareholders

42% ControllingShareholders

16% Wisco16% Wisco

14% SK Networks14% SK Networks

28% Free Float28% Free Float

MMXM3: SOLID CONTROLLING SHAREHOLDERS

MMX Corumbá Mineração

MMX Corumbá Mineração MMX SudesteMMX Sudeste Minera MMX

do ChileMinera MMX do Chile

Superporto Sudeste

Superporto Sudeste

Serra AzulSerra Azul

Bom SucessoBom

Sucesso

100% 100% 99%70%

30% EBX

4

SRK certification: 3,3 billion tons of mineral resources, and further mineral

potential of up to 1,8 billion tons. Reserves of 1 billion tons in Serra Azul.

Low strip ratio

Competitive scale – New beneficiation plant

Power supply contract with MPX

Integrated infrastructure with the existing MRS railway

Resource Base

Competitive Production Cost

Structure

INGREDIENTS FOR A SUCCESSFUL IRON ORE BUSINESSMMX Uniqueness

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

Experience management team with implementation and operational expertise

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

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

seaborne markets

Long Term Railway Contract with MRS

Integrated infrastructure with the existing MRS railway

Secured Off-take

Operational Track Record

GuaranteedLogistics

5

MMX signs contract for railway services with MRS through 2026

SRK certified 997,4 million tons of mineral reserves at Serra Azul Unit

EIA-RIMA filed for Sudeste Superport expansion to 100 Mtpa

Orders for long lead equipment for Serra Azul expansion

EPCM contract with CNEC Worley Parsons for Serra Azul expansion

January2012

DURING THE YEAR OF 2011, A LOT HAS BEEN DELIVERED

EPCM contract with CNEC Worley Parsons for Serra Azul expansion

Contract with MPX for energy supply for expansion of Serra Azul

SRK certified 2,5 billion tons of resources at Serra Azul and Pau de Vinho

Preliminary license of the Serra Azul expansion

MOU with Minerinvest

Financial advisory contract with Itaú BBA and WestLB

Acquisition of 99,1% of PortX shares at the VTO auction

Deal with UsiminasFebruary2011

6

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)

7

SUDESTE SYSTEM

2

UNIQUE INTEGRATED LOGISTICS

Since 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.

9

SERRA AZUL UNIT

2.1

QUADRILÁTERO FERRÍFEROIron ore Quadrangle

11

RAILWAY

Railway access conecting MRS to the Sudeste Superport

12

SERRA AZUL

Growth through consolidation while leveraging existing infrastructure

13

SERRA AZUL

Serra Azul Unit Expansion Project

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

Pit

14

Serra Azul ExpansionBeneficiation Plant

15

Contract signed on December 28th 2011.

Long term contract through 2026

Provides for a volume of up to 36 million tons of iron ore per year.

Tariff: R$ 26.463/ton , net of tax, readjusted annually by a parametric formula the variation in IGP-DI and in diesel oil.

MRS CONTRACT

MMX signed a long term contract for railway services

formula the variation in IGP-DI and in diesel oil.

16

SUDESTE SUPERPORT

2.2

Sudeste SuperportLocation

Nautical Access

Offshore

Tunnel

Stockyard 32

Stockyard 06

Railway Access

Sudeste SuperportArtistic View

19

SUDESTE SUPERPORT

Overview

Highlights

50 mtpy capacity, expandable to 100 mtpy

Capesizes handling

Loading: 2 ship loaders of 25 Mtpy each

Fully funded (BNDES)

Start-up forecast: 1Q13

Sudeste Superport - Itaguaí

Start-up forecast: 1Q13

100% of equipment already ordered

Licensing for 100 Mtpy underway

20

SUDESTE SUPERPORT

Overview

Highlights

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

EIA-RIMA for 100 Mtpy filed with Inea in September 2011

Licensed to 50 Mtpy

Sudeste Superport - Itaguaí

Navy Approval to 100 Mtpy

21

Sudeste SuperportRailway access

Sudeste SuperportStockyard Elevation 6 m

Sudeste Superport Car 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 Sudeste Offshore Structure - Bridge

Pier766 m

Superporto SudesteOffshore StructureBridge and Pier

Bridge250 m

Superporto Sudeste Offshore 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 years1.276

CAPEX

Actual Forecast

SUDESTE SUPERPORT

CAPEX and Funding

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

32

Preliminary License

Construction LIcense

Funding BNDES FINAME-PSI

ANTAQ License

Funding BNDES FINEM

Civil Construction:

� ��

��

1S091S09 2S092S09 1S101S10 2S102S10 1S111S11 2S112S11 1S121S12 2S122S12 1Q131Q13

�

SUDESTE SUPERPORTConstruction schedule

Civil Construction:

Stockyard 06

Stockyard 32

Tunnel

Offshore

Road-rail access

Equipment sett up:

Car dumpers

Shiploader

Stacker reclaimer

Belt conveyor 33 33

USIMINAS AGREEMENT

SRK resources audit : 810 million tons plus a potential 75 million tons

Pau de Vinho target production: 8 Mtpy

Significant synergies with current mining operations at Serra Azul

13.5% of production at Pau de Vinho

Handling fee: USD 12.63/ton adjusted by US-PPI

Volumes:

■ 2012 = 3 Mtpy

■ 2013 = 4 Mtpy

■ 2014 = 8 Mtpy

Pau de Vinho Joint Mining Sudeste Superport Handling

13.5% of production at Pau de Vinhowill be delivered to Usiminas

MMX will be responsible for the licensing, CAPEX and operation for 30 years

■ 2015 = 12 Mtpy

■ 2016 = 12 Mtpy

80% Take-or-Pay

Usiminas can renew the contract for 1 to 5 years

34

BOM SUCESSO UNIT

2.3

BOM SUCESSO

High-quality iron ore with high magnetite content to supply the seaborne market

Highlights

Production target: 10 Mtpy

64% of production already committed through long-term contracts

Execution Update

Conceptual engineering

EIA RIMA filed in November 2010

SRK resources audit update: 365 million tons plus a potential of 741 million tons

Public Hearing: June 2011

Expected Quality – Ouro Preto pilot plant test work

Fe: 67.2% P: 0.033%

SiO2: 2.5% PPC: 0.6%

AL2O3: 0.5% FeO: 8.8%

36

CHILE

3

CHILE

One of the lowest cost additions to seaborne supply

Highlights

High-quality iron ore with magnetite content to supply the seaborne market

Production target: 10 Mtpy

50% of production already committed through long-term contracts

460 Mt of iron ore potential already secured

Execution Update

Castilla Port fully licensed

Drilling performed: approximately 43 thousand meters

Water permits

Expected Quality – Ouro Preto pilot plant test work

Fe: 67.50% SiO2: 2.5%

Al2O3: 0.85% P: 0.015%

38

CHILE

Castilha Port

EBX has 240,000 ha property in the Atacama region

Fully Licensed Port

Deep water port – 28 meter draft: Chinamax vessels

Water availability with permits

MPX Thermal Power Plant

BERTH N° 1 – COAL

BERTH N° 2 – IRON ORE

BERTH N° 3 – COPPER

39

CORUMBÁ

4

CORUMBÁ

Unique high quality lump

Highlights

Current Capacity: 2.1 Mtpy

Long-term contracts signed with local and international barge operators

77% of production already committed through long-term contracts

SRK audit resources report: 192 million tons plus a SRK audit resources report: 192 million tons plus a potential of an additional 123 million tons

41

Investor RelationsGuilherme Escalhão – CEO and IRO

Camila Anker– ManagerRafaela Gunzburger – AnalystBeatriz Yoshinaga - Analyst

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