MINAS-RIO: SAFETY AS A CORNERSTONE OF PERFORMANCE

COMPETITIVE OPERATING COST POSITION Lower Half of the Cost Curve FOB Cash Cost (post ramp up) 1st 18 yrs. Avg. (Real 2014 Terms wmt) Mine $10/t - $11/t Beneficiation $9/t 200 150 Pipeline $2/t Global Iron Ore Cost Curve - 2016 ($/dmt, FOB) . Minas-Rio in the 2nd quartile of the cash cost curve 100 Filtration $1/t Minas-Rio Net Port $5/t Other $6/t - $7/t $33/t $35/t (1) SIB Capex $5.5/t over 1st 18 years Note: (1) Includes state royalty, excludes federal royalty, on wet metric ton basis 50 0 0 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250 Mt dry ore Source: CRU's estimate of FOB costs include mining, processing, transportation and general and admin. Minas-Rio shown at full production. 12

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