Investor Presentaiton

MINAS-RIO: LARGE RESERVE & RESOURCE BASE Long-term value from a Tier 1 deposit with a fully integrated logistics . 2.8 Bt of Total Ore Reserves in addition to 2.6 Bt of Total Mineral Resources* Easy to mine material due to geological formation • Low strip ratio over LOM ~0.4:1 and easily liberates containments • Reserve life of 45 years ● Upside reserve potential from an already large resource base FRIABLE ORE ITABIRITE Mineral resources of 5.3 billion tonnes, including 2.8 billion tonnes of ore reserves *2014 Annual Report: Serra do Sapo - Friable Itabirite, Hematite and Itabirite estimates: Total Ore Reserves 2.8Bt @ 34.4% Fe in addition to Total Mineral Resources of 2.6 Bt @ 31.4% Fe 6

View entire presentation