MINAS-RIO: SAFETY AS A CORNERSTONE OF PERFORMANCE

THE FOCUS IS NOW ON SAFE RAMP-UP World-class performance and strong risk management Delivered project at $8.4 billion capex Product Ramp-up (Mtpa - wet basis) & FOB Cash Cost 8.4 0.4 8.8 0.9 7.5 LTD Feb15 2015/ 2016 Total project Saving Previous estimate 150 120 100 150 Product (mt) 380 ~0.7 900 Port Pre Operations Mine & Ben Plan & Land Licensing, conditions and SG&A Other (1) Total 1) Includes working capital payments, demobilisation costs & construction contract finalisation -$60/t 24-26 $33-35/t 11-14 26.5 - Full | capacity $33-35/t 2014 2015 2016 2017 FOB ($/ wmt) 14 14

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