Investor Presentaiton

Salobo Ill growth option Scope Concentration plant with 12 Mtpy capacity to accelerate copper and gold production Situation Opportunities • • . Production started in May 2012 at 12Mtpy and expanded to 24Mtpa in June 2014 Plan for Salobo III with new concentration plant with additional throughput of 12 Mtpy • Salobo III represents a low-cost brownfield expansion opportunity • Project still subject to approval of Board of Directors Leverage current experience with Salobo's ore body . Increase gold production with the ramp-up of the new concentration plant • Leverage current copper contracts with benchmark smelters VALE 16

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