MMX: Creating choices in seaborne iron ore supply

November, 2011

Disclaimer

This presentation relating to MMX Mineração e Metálicos S.A. (“MMX”) includes “forward-looking statements”, as that term is defined in the Private Securities Litigation Reform Act of 1995, in Section 27A of the Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All statements other than statements of historical facts are statements that could be deemed forward-looking statements and are often characterized by the use of words such as “projects”, “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, “may”, “will”, or “intends”, or by discussions or comments about our objectives, strategy, plans or intentions and results of operations. Forward-looking statements include projections regarding our operating capacity, operating expenditures, capital expenditures and start-up dates.

By their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. The risk exists that these statements may not be fulfilled or, even if they are fulfilled, the results or developments described in such statements may not be indicative of results or developments in future periods. We caution participants of this presentation not to place undue reliance on these forward-looking statements as a number of factors could cause future results to differ materially from these statements.

Forward-looking statements may be influenced in particular by factors such as the ability to obtain all required regulatory approvals on a timely basis or at all, exploration for mineral resources and reserves, difficulty in converting geological resources into mineral reserves, and changes in economic, political and regulatory conditions. We caution that the foregoing list is not exhaustive. When relying on forward-looking statements to make decisions, investors should carefully consider these factors as well as other uncertainties and events. to make decisions, investors should carefully consider these factors as well as other uncertainties and events.

MMX does not undertake to update our forward-looking statements unless required by law. This presentation is neither an offer to sell (which can only be made pursuant to definitive offering documents) nor a solicitation of an offer to buy any securities in the United States, or any other jurisdiction. The securities referred to herein have not been registered in any jurisdiction, and in particular, will not be registered under the U.S. Securities Act of 1933, as amended, or any applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without MMX’s prior written consent.

A Unique Story

A Unique Story

Ingredients for a successful iron ore business

Strong Resource Strong Resource Strong Resource Strong Resource BaseBaseBaseBase

SRK certification: 3.1 billion tons of mineral resources, and further mineral potential of up to 1.4 billion tons

GuaranteedGuaranteedGuaranteedGuaranteedLogisticsLogisticsLogisticsLogistics

Owned Sudeste Superport at 50 Mtpy, expandable to 100 Mtpy, providesgateway to seaborne markets.

Competitive Cost Competitive Cost Competitive Cost Competitive Cost StructureStructureStructureStructure

Integrated infrastructure, with the existing MRS railway providing an efficient link between mine and port

4

Secured Secured Secured Secured OfftakeOfftakeOfftakeOfftake

Operational Operational Operational Operational Track RecordTrack RecordTrack RecordTrack Record

BaseBaseBaseBase potential of up to 1.4 billion tons

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

Experienced management team with implementation and operationalexpertise.Installed Capacity of 10 Mtpy (Serra Azul and Corumbá sites)

Solid Financial Solid Financial Solid Financial Solid Financial Position Position Position Position

Strong balance sheet and project fundamentals to attract competitive fundingCurrent operations provide strong FCF

The only one of its kind

Location MapLocation MapLocation MapLocation Map

• 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

MMX UniquenessMMX UniquenessMMX UniquenessMMX Uniqueness

water Chinamax enabled 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

5

Sudeste SystemSerra Azul Unit

Bom Sucesso UnitCorumbá System

Sudeste Superport

Chile System

MMXM3: Solid controlling shareholders Highest levels of Corporate Governance

StructureStructureStructureStructure

Bom Sucesso under basic engineering studies

16%16%16%16%

MMX Corumbá MMX Corumbá MMX Corumbá MMX Corumbá MineraçãoMineraçãoMineraçãoMineração

MMX MMX MMX MMX

SudesteSudesteSudesteSudeste

Minera MMX Minera MMX Minera MMX Minera MMX

do Chiledo Chiledo Chiledo Chile

SuperportoSuperportoSuperportoSuperporto

Sudeste Sudeste Sudeste Sudeste

28%28%28%28%Free Float

30% 30% 30% 30% EBX Brasil S/A

14%14%14%14%

42%42%42%42%

Controlling Shareholders

70%70%70%70% 100%100%100%100% 100%100%100%100% 99%99%99%99%

Corporate Governance

•• Novo Mercado

• Stringent corporate governance standards

• Single-class of common shares with unrestricted voting rights

• Shareholders have 100% tag-along rights, preemptive rights

• Independent Board Members

• Related-Parties Transaction Disclosure

• Audit Committee

• MMX Policies

• Disclosure and use of information

• Corporate Governance

• Monitoring of Securities Trading

Bom Sucesso under basic engineering studies

Corumbá System started-up in 2005 (Mining)

Assets acquired by MMX (AVG: dec-07; Minerminas: jan-08)

6

100%100%100%100% 100%100%100%100%

SerraSerraSerraSerra

AzulAzulAzulAzul

Bom Bom Bom Bom

SucessoSucessoSucessoSucesso

Senior Management Team More than 121 years of iron ore experience

� Approximately 25 years of experience in the mining sector

� Held senior executive and board positions in companies such as Vale ,Caemi

Group and MRS Logística

Guilherme Frederico Guilherme Frederico Guilherme Frederico Guilherme Frederico EscalhãoEscalhãoEscalhãoEscalhãoChief Executive and IR Officer

� More than 40 years of experience in the mining sector

� Held senior executive positions in companies such as Vale, S.A Mineração da

Trindade (SAMITRI), Ferteco Mineração, GIIC (Vale subsidiary) and AVG

Chequer Chequer Chequer Chequer Hanna Hanna Hanna Hanna BouBouBouBou HabibHabibHabibHabibChief Commercial Officer

Guido Roberto Campos GermaniGuido Roberto Campos GermaniGuido Roberto Campos GermaniGuido Roberto Campos GermaniChief Financial Officer

� Approximately 23 years of experience in the financial and business areas

� Held consultant and senior executive positions in companies such as Arthur

Andersen, Lachmann, Mirabela Nickel and Odebrecht

Trindade (SAMITRI), Ferteco Mineração, GIIC (Vale subsidiary) and AVG

Mineração

Luciano Luciano Luciano Luciano Costa Costa Costa Costa Ferreira Ferreira Ferreira Ferreira Chief Port Operations Officer

� More than 25 years of experience in mining, port and steel sectors

� Held senior executive positions in companies such as Caemi, Vale and

Companhia Siderúrgica Pecém

AntônioAntônioAntônioAntônio Alberto Alberto Alberto Alberto FróesFróesFróesFróes SchettinoSchettinoSchettinoSchettinoChief Operations and ProjectDevelopment and ImplementationOfficer

� Around 30 years of experience in the mining sector

� Held senior executive positions in companies such as Caemi, Odebrecht, CSN

and Votorantim Siderurgia

7

Financial highlights

Sales (Sales (Sales (Sales (millionmillionmillionmillion tons)tons)tons)tons)EBITDA (R$ EBITDA (R$ EBITDA (R$ EBITDA (R$ millionmillionmillionmillion))))

72.8 75.2

61.6

0

30

60

90

1.1 1.3 1.5

0.6 0.8

0.7

0.0

0.5

1.0

1.5

2.0

2.5

3Q10 2Q11 3Q11

DebtDebtDebtDebt profileprofileprofileprofile (%)(%)(%)(%)Net Net Net Net ProfitProfitProfitProfit (R$ (R$ (R$ (R$ millionmillionmillionmillion))))

8

*excluding non-recurring itens.

46%37%

27%

54%63%

73%

0%

20%

40%

60%

80%

100%

3Q10 2Q11 3Q11

Short Term Long Term

0

3Q10 2Q11 3Q11*3Q10 2Q11 3Q11

MI ME

88.5 90.9

(243.2)

-250

-150

-50

50

3Q10 2Q11 3Q11

Sudeste System

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

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

Railway

MMX is using MRS railway,which connects the mine withthe CSN’s Itaguaí port and tothe Sudeste Superport.

Port

Sudeste Superport is located inItaguaí and will have 50Mtpy ironore shipping capacity. TheSuperport will have a depth of 20meters, enough to handleCapesize vessels.

�Long-Term contract (20 years) totrade iron ore. SK will take-off part ofthe Sudeste System yearly productionequivalent to its participation in MMXCapital (14%).

�Long-Term contract (20 years). Wiscowill off-take at least 50% of MMXSudeste production.

Offtakers (Shareholders))

SK and Wisco will togetherofftake 64% of total production

10

Iron ore Quadrangle

Serra Azul

Growth through consolidation while leveraging existing infrastructure

12

Serra Azul

• Competitive production costs and integrated logistics

• High-quality iron ore to supply the seaborne market

• 65% of production already secured by long-term contracts

• Consolidation opportunities and synergies drive additional

value creation

• Significant growth potential through geographic expansion

HighlightsHighlightsHighlightsHighlights

Execution UpdateExecution UpdateExecution UpdateExecution Update

• Preliminary License in August 2011

• SRK resources audit update: 1.7 billion tons plus a potential

457 million tons

• Drilling performed: 31 thousand meters

• Equipment procurement underway

• Basic engineering phase complete

Current Sinter Feed QualityCurrent Sinter Feed QualityCurrent Sinter Feed QualityCurrent Sinter Feed Quality

Fe: 64.5% P: 0.06%

SiO2: 4.5% Mn: 0.02%

AL2O3: 1.20% H2O: 8.5%

Fe: 67.0% P: 0.03%

SiO2: 3.5% Mn: 0.05%

AL2O3: 0.5%

Future Pellet Feed QualityFuture Pellet Feed QualityFuture Pellet Feed QualityFuture Pellet Feed Quality

Serra Azul

13

Serra AzulExpansion

New Beneficiation Plant,

Pit

New Beneficiation Plant, transmission line andwater pipelines, Stockyard and LoadingTerminal

Serra Azul Expansion Project

14

Sudeste SuperportLocation

15

OffshoreOffshoreOffshoreOffshore

NauticalNauticalNauticalNauticalAccessAccessAccessAccess

Sudeste Superport Artistic View

RailwayRailwayRailwayRailwayAccess Access Access Access

Stockyard 06Stockyard 06Stockyard 06Stockyard 06

Stockyard 32 Stockyard 32 Stockyard 32 Stockyard 32

TunnelTunnelTunnelTunnel

Sudeste SuperportHighlights

•• 50 mtpy capacity, expandable to 100 mtpy

• Capesizes handling

• Loading: 2 ship loaders of 25 Mtpy each

• Fully funded (BNDES)

• Start-up forecast: 1Q13

• 100% of equipment already ordered

HighlightsHighlightsHighlightsHighlights

• 100% of equipment already ordered

• Licensing for 100 Mtpy underway

Execution UpdateExecution UpdateExecution UpdateExecution Update

•• Tunnel: Meeting of the two excavation fronts as

of September 2011

• EIA-RIMA for 100 Mtpy filed with Inea in

September

• Licensed to 50 Mtpy

• Navy Approval to 100 MtpySudeste Superport

17

Sudeste SuperportEvolution of the civil construction work – Tunnel entrance

Sudeste SuperportEvolution of the civil construction work – Meeting of the two excavation fronts

Sudeste SuperportEvolution of the civil construction work – Stockyard 6

Sudeste SuperportEvolution of the civil construction work – Car dumpers structure

Sudeste SuperportEvolution of the civil construction work – Stockyard 32

Sudeste SuperportEvolution of the civil construction work – Tunnel exit and bridge

Sudeste SuperportEvolution of the civil construction work – Bridge and pier pilling

Sudeste Superport

FundingFundingFundingFunding: BNDES FINAME : BNDES FINAME : BNDES FINAME : BNDES FINAME ---- PSI PSI PSI PSI CAPEX (R$ CAPEX (R$ CAPEX (R$ CAPEX (R$ MillionMillionMillionMillion))))

• Total Amount: R$ 407.1 mm

• Interest Rate per Year: 4.50%

• Amortization: 8 years

• Grace Period: 2 years1.276

Actual Forecast

FundingFundingFundingFunding: BNDES FINEM : BNDES FINEM : BNDES FINEM : 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

25

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 & IRO

Camila Anker– IR ManagerRafaela Gunzburger – AnalystBeatriz Yoshinaga - Analyst

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