1. APIMEC MEETING So Paulo November 26, 2010 and Rio de Janeiro December 20, 20101 1

2. AGENDAOPENINGSECTORINDUSTRYCORPORATERESULTSFINANCIAL AND RISK MANAGEMENTOUTLOOK 2

3. OPENINGPresented by: Luiz Antonio de Souza Queiroz Ferraz Junior Chief Executive Officer DIAS DVILA - BA SANTO ANDR SP(UTINGA) 3 SANTO ANDR SP(CAPUAVA) SERRA - ES

4. From now on, Paranapanema will experience a new phase Given the conclusion of an important financial, tax and corporate restructuring process, the company has achieved: financial strength focus on profitability focus on quality focus on technology Strategy:1. Investment focused on: gains of scale and competitiveness Strong organic growth cycle from 2009 on Investments with longer maturity terms R$56.5 million invested in 2009. In 2010-13, R$510 million will be assigned to: 20% expansion in refined copper production capacity Expansion of over 50% in the production of semi-manufactured copper products (tubes and laminated products) Copper recycling: improvement of concentrate and scrap mix , aiming at changing from a ratio of 83% / 17% to 70% / 30% by 20122. Projects: studies in progress for: Precious metals plant (gold and silver) Mineral rights: In 2011, studies will be conducted on Paranapanemas 105 mineral rights registered with DNPM, which includes tin ore, copper, chrome, lead, tin alloy, molybdenum, gold, silver, nickel, titanium and zinc reserves, among others, aiming at checking the size of reserves and exploration possibilities in the States of Amap, Par, Roraima, Rondnia and Rio Grande do Sul. 44

5. 3. Disposal of assets not related to our core business4. Strategy and targets: Successful achievement of market share target in the domestic market: 67% Search for gains of scale and competitiveness , with reduction of fixed costs Focus on profitability.5. Strategic partnerships: Strategic partnerships being analyzed for the development of research studies related to: Reduction of costs Guarantee of long term supplies More competitive prices6. Organizational restructuring: corporate governance New organizational structure with creation and improvement of management committees approvedby the board of directors.7. Outlook Period from 2010 to 2016 expected to be extremely promising, especially on the domestic market Expected growth in GDP and sectors demanding copper products, supported by sports events and PACgovernment project, which will leverage our business. 55

6. Correlated to The Brazilian economy will grow at an accelerated GDP growth pace that may exceed 5%, but in a sustainable Global consumption manner. Growth of emerging countries Copper production chain has reported consumption growth from 1% to 2% above the Brazilian growth Increase in investment infrastructure average. Real estate and civil construction markets Emergent countries growth above the global average Increase in the use of clean energy (solar, wind and ethanol) Local and foreign direct investment in Brazil, which Transportation and automotive sectors ceased to be the country of future to be the country of present.66

7. SECTOR Copper division Players in the Brazilian copper chain Global copper production indicators Global indicators of refined copper production Refined copper industry in Brazil Prospective Demand for Refined CopperPresented by Marco Martins Chief Commercial Director 7

8. Brazilian Copper Chain Number of Revenues in Share % Sectors Companies 2009 (US$ million) Mining 3 1,444 22% Refining 3 1,300 20% Lamination companies Semi- 5 799 12% manufactured Lamination companies - Rods 17 1,138 17% Wires and Cables 210 1,877 29% Total 238 6,558 100% Sources: Sindicel and ABC Small number of players at the beginning of the Brazilian copper chain Brazilian copper concentrate production is sufficient to meet demand from refiners Wires and cables sector includes multinational and family companies Only 2 companies are listed on the BM&FBovespa stock exchange (Vale and Paranapanema) Wires and cables is the largest sub-sector in Brazils copper chain88

9. Important national and global companies are present in the country, such as: Paranapanema (formerly Caraba Metais) REFINING Minerao Caraba Minerao Caraba Vale MINING Vale Yamana Gold PROVIDERS OF There are 17 companies LAMINATING installed in the country, 11 of which are also PROVIDERS SERVICES manufacturers of wires OF FOR COPPER and cables. LAMINATING Cecil WIRE RODS Paranapanema (formerly SERVICES Eluma) FOR SEMI- Ibrame The segment includes more MANUFACTU Termomecnica than 200 small, midsize and WIRES AND large Brazilian companies, as RED well as multinationals such PRODUCTS CABLES as: Draka-Telcon, Furukawa, General Cable, Nexans and Prysmian. Sources: Sindicel and ABC 99

10. Source: Brook Hunt Sep/10Since 2008 ... The world production of copper concentrate increased at an average rate of 2.1% p.a.; The global demand for copper concentrate by refining companies (smelters) rose 0.7% p.a. on average; The global demand for refined copper grew 3% p.a. on average; and The world consumption of refined copper increased at an average rate of 2.1% p.a. 10 10

11. Recovery of cathode premiums vs. copper prices on LME London Metal Exchange, expected for 2011, compared with 2010 The Treatment Charge (TC) and the Refining Charge (RC) correspond to the deduction of the discount allowed by miners to refiners on the metal prices on LME. Average copper prices have been highly volatile(offer and demand + hedge funds), havingincreased at an average rate of 22.2% p.a.from 2003 to 2010, and 2% p.a. since 2008 The shutdown/interruption of activitiesof refiners in China and India favored theincrease in TC/RC on the sport market in the2nd half of 2010 Prices of refined copper byproducts(gold, silver and sulphuric acid) are alsorelevant indicators. Sources: Brook Hunt Set/10; Cru Monitor and LME 11 11

12. Apparent Consumption of Refined Copper in Brazil 2010/09 CAGR Products (Thousand t) 2008 2009 2010* Variation 2008-10 Refined copper production 230.0 227.0 220.0 -3.1% -2.2% Changes in inventories 1.1 -16.9 0.0 NS NS Refined copper imports 251.0 203.5 280.0 37.6% 5.6% Refined copper exports -93.1 -88.6 -80.0 -9.7% NS Apparent consumption in Brazil 389.0 325.0 420.0 29.2% 3.9% Population (millions) 189.6 191.9 194.0 1.1% 1.2% per capita consumption(Kg/inhabitant) 2.05 1.69 2.16 27.8% 2.7% Sources: Sindicel Industry Association; Brazilian Copper Association (ABC); MIDIC/Secex; IBGE Geography and Statistics Institute and Brook Hunt (Sep/2010) *EstimatedParanapanemas strategic actions: Domestic market expansion from 53% (9M09) to 67% (9M10) of total; Expansion in sales of products with higher value added, such as rods and stretched copper wires; Expansion in installed capacity from 240,000 t/year to ~280,000 t/year until 2013 at Bahias unit; CAPEX of ~R$ 330 million in refined copper expansion from 2010 to 2013; Logistic services to clients, reducing delivery terms, financial costs and transportation management risks with the creation of CDPC Copper Products Distribution Center in Itatiaia, State of Rio de Janeiro; Intermodal logistics: cabotage, road and rail transportation. 12 12

13. The wires and cables segment is present in all economic activities: civil construction, infra- structure (energy, transportation, sanitation and telecommunications), manufacturing (automobile , consumer electronics, mining, agricultural and livestock industry). Manufacturers installed in the country use hedge technology in production and development processes, guaranteeing equality of conditions to compete worldwide. Energy (electric, wind, solar, biodiesel and ethanol) Wires and cables manufactured in Brazil are used in a variety of applications, such as: Civil construction (low tension) Energy distribution (medium and high tension) Electrical-electronics (enameled wires and others) Telecommunications(wires and metal cables; fiber optics and coaxial cables) Oil industry (umbilical cables, cables for submerged pumps, and cables for submerged pumps for the mining industry) Sources: Sindicel and ABC 13 13

14. SECTOR Copper Division Importance of Eluma brand in the segment of semi-manufacturedproducts Distribution of revenues from semi-manufactured products Perspectives on the consumption of semi-manufactured productsPresented by Wilson Nunes Executive Superintendent Director for Semi-Manufactured Products 14

15. Brazilian industry of Total Paranapanema 2009 % Market semi-manufactured products Market (Division of semi- Share in 2009 manufactured products) Eluma Brand Revenues (US$ millions) 799 353 44% Taxes (US$ millions) 137 46 34% Electricity consumption (GWh) 250 91 36% Direct jobs 3,886 1,400 36% Installed capacity (1,000 t) 203 72 35% Effective production (1,000 t) 130 55 43% Exports (US$ million) 85 62 73% Sources: Paranapanema, Sindicel and ABC Paranapanema investments in semi-manufactured products division: ~R$175 million from 2010 to 2013 Increase in installed capacity from 72,000 t/year to 110,000 t/year in 2012, and 130,000 t/year until 201315 15

16. Diversification as competitive advantage Entry in the segment of copper wires and bus bars as from 2009 Semi-manufactured products rose 37% in revenues and 21% in volume in 9M10 against 9M09 16 16

17. Favorable Brazilian and global economic outlook for 2009-2016; Estimates on demographic trends in Brazil: 2009 2016 CAGR* p.a. Population (in millions of inhabitants) 190 209.3 1.2% # of households (in millions) 57.7 71.4 2.7% *CAGR: Compound average growth rate Source: ABRAMAT / FGV - Dec/09Housing investments: From 2009 to 2016 (In billions of Reais) Annual average % of GDP Investments 227.1 6.3% New housing 147.8 4.1% Source: ABRAMAT / FGV - Dec/0917 17

18. INDUSTRY PRIMARY COPPER BUSINESS Copper Production Chain Production Capacity State of Bahia Production Flow Chart Principal Production Cost Pointers Investments in 2010 and 2011/2013 - OpportunitiesPresented by Marcos Souza Industrial Director 18

19. PRODUCTION OF DE SEMI-MINING FOUNDRY AND MANUFACTURED COPPER LOGISTICS REFINING PRODUCTS AND COPPER ALLOYS Copper extraction from Copper concentrate is SEMI-MANUFACTURED Distribution of PRODUCTS mines; processed in the Paranapanema and Continuous lamination Copper ore contents foundry, resulting in process; Eluma copper products between (0.5% and 99.5% pure anode. Products: laminates, bars, through the 2%); The electrolytic refining wires, seamless tubes and CDPC(Copper Products process transforms stretched copper wires Distribution Center) Processed at the mine, and copper alloys (fed by it is transformed into anodes into 99.99% Itatiaia State of Rio cathodes and scrap); copper concentrate pure cathodes (purity Copper alloys + zinc = de Janeiro, to the with about 30% of needed to obtain brass; Southeast, South and copper, 30% of sulphur, optimal electrical Copper alloys + tin = Mid-West Regions; features). bronze. Next to major clients; in addition to gold, silver and other Fast delivery . MANUFACTURED elements. PRODUCTS 75% equity purchased Products with highest on the foreign market added value ; (Chile). Tubes, connections and hidrolar used in civil construction. Suppliers Relevant presence in the Copper Division: 98% of total revenues19 19

20. Electrolytic Copper ........................ 240,000 t/year Wire Rods .......................................220,000 t/year Drawn Wire ................................... 18,000 t/year Sulphuric Acid .................................570,000 t/year Oleum ................................................70,000 t/year Oxygen Free Rods ......................... 6,000 t/year Gold*.............................................. 2,000 kg/year Silver*.............................................. 32,000 kg/year Ferrous Slag**..................................360,000 t/year * Typical values contained in anode slimes ** Materials used in the segments of cement production, paving and metal structure blasting.20 20

21. Metallurgy Process Flow Chart RECEPTION AND STORAGE OF CONCENTRATE Chile: 7075% EXTERNAL Portugal: 46% SCRAP Brazil: 2025% FOUNDRY ACID 45 % Ferrous GASES Granulated SULPHURIC Sulphuric ACID ANODES Acid Plant OLEUM ELECTROLYTIC NICKEL SULPHATE IMPURE NICKEL DECOPPERIZED REFINING SLIME PLANT SULPHATE UpCast CATHODES LAMINATION Drawn OxyFree COPPER WIRE WIRES Rods RODS 21 21

22. State-of-the-Art technology Production scale Level of Application Full use of opportunities for byproducts: Sulphuric Acid and byproducts Gold and silver Other metals/products for cement/paving industry Operating indicators of technological limits: Income Consumption of energy and input Maintenance and productivity costs 22 22

23. Investments in 2010 Bahias unit focused on the recovery and updating of principal equipment New line of stretched products, increasing production capacity to 45,000 t/year Increase in the range of laminates in order to serve other markets and clients in Brazil and abroadInvestments from 2011 to 2015 Expansion/modernization of electrolytic copper production capacity to 280,000 t/year by 2013 Increase in external scrap processing capacity. Estimated reduction of ~14% in specific processing costs against 2010 More intensive use of copper scrap provides lower dependency on concentrates, in addition to minimize investments.Opportunities under analysis Setting up of a Precious Metals plant Co-generation installation with capacity for 10 MW (uses the heat from boilers).23 23

24. SECTOR Fertilizers Division CIBRAFERTIL Paranapanemas fertilizers business Simple Superphosphate market in the State of Bahia, Northeast Region and Brazil Outlook for the Fertilizers sectorPresented by: Walter Oliveira Executive Superintendent Officer

25. Fertilizers producing company (SSP in powder or granulate, and NPK) Trading ProductionBusiness Trading policy Superphosphate PlantFertilizers production Industrial sales of Simple Installed Capacity: 50 t / hourSuperphosphate to be used asLocation: 1 plant in the Camaari ~300,000 t / year raw material in fertilizersPetrochemical Complex (State of mixtures; reselling by mixers andBahia) Product: SIMPLE SUPERPHOSPHATE (SSP) 18% P2O5 and NPK/NP resellers; andLogistic advantages (distances) Direct sales to farmers from theSalvador: 45 Km western region of the State of Raw materials Bahia, southern region of theParanapanema: 5 Km Phosphate rock with 30% to 32% State of Piau and State ofPort of Aratu(State of Bahia): 25 Km of P2O5, imported through the Maranho.Petrobrs Fafen: 2 Km Port of Aratu, from countries Principal clients: such Israel, Togo, Egypt andPrincipal Clients: 20 Km Algeria Farmers: 38% Heringer: 23%Total Area : 108,336 m 98% Sulphuric Acid: Fertipar: 20%Total Built Area: 17,834 m Paranapanema, through the Yara: 5% acid pipeline Mosaic: 5% Other : 9%Strategic role in the integration with Paranapanema due to the use of the sulphuric acid generated from the metallurgic process.25 25

26. The Brazilian production of SSP should reach ~ 7 million t /year in 2020; The Northeast Region (important agricultural area) will rise from a share of 11% in national production in 2010 to 13.5% in 2020, according to estimates; Cibrafrtil expands its market share in the Northeast Region, of 30.7% in 2010 to 31.3% in 2020 without assigning large investments. SIMPLE SUPERPHOSPHATE *Until Oct, 2010 and Forecast Cibrafertil/Northeast thousand tons. 1000 8000 900 7000 800 6000 700 thousand tons. 600 5000 500 4000 400 3000 300 2000 200 100 1000 0 0 2006 2007 2008 2009 2010* 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Northeast Region CIBRAFERTIL Brazil Sources: Ministry of Agriculture and Cibrafrtil 26 26

27. New outlook from 2010 on Consolidation of the sector, with the arrival of Vale to the fertilizers sector, with the production of phosphated products through acquisitions, and operating only industrial sales: Fosfertil Bunge mineral reserves and production units Mosaic Yara Recovery of the sector in 2010, both in volumes and margins, getting closer to the production record reported in 2007; Good performance of the agricultural sector regarding commodities such as cotton, sugarcane, soybeans and corn; Repositioning of principal market players, with Bunge operating just as a mixer, and Yara and Mosaic concentrated on reselling imported products; and Cibrafertil performance in 2010 by far exceeded that of 2009, with good perspectives of ongoing improvements, considering the estimates for the Brazilian agribusiness sector. 27 27

28. OPENING SECTOR INDUSTRY CORPORATE RESULTS FINANCIAL AND RISK MANAGEMENT OUTLOOKPresented by Doris Wilhelm Investor Relations Officer 28

29. Chronology of Financial and Tax Restructuring and Corporate and Organizational Reorganizations Mar. 31, 11 Nov. 30, 09 Mar. 22, 10 Organizational restructuring and improvement Adhesion to Tax Installment Plan Conversion of preferred shares into common shares of management mechanisms Mar. 31, 10 Sep. 29, 09 Nov. 13, 09 Merge Eluma S.A. Merge Caraba S.A. intoCreation of CDPC Paranapanema S.A. Into Paranapanema S.A. 29 29

30. Shareholding Structure Principal Shareholders 23.96% Market 38.68% More than 10,000 shareholders 17.23% EWZ LLC 8.32% 11.81% Distribution of Shareholders by Segment Date of Reference Oct 31, 2010 Common Shares % Pension Funds 136,056,657 42.63% Banks with Investment Portfolios 56,466,775 17.69% Individuals 49,065,036 15.37% Foreign Investment Funds 34,448,216 10.79% Non-Institutional Corporations 19,595,398 6.14% Investment Funds 19,214,891 6.02% Investment Clubs 3,633,774 1.14% Stock Brokers/Distributors 618,243 0.19% Others 53,580 0.02% Treasury 24,372 0.01% Total 319,176,942 100.00%30 30 Consolidated position of Paranapanema S.A. as of October 31, 2010.

31. Corporate Governance Share Trading and Relevant Disclosure Policies Review of the Code of Ethics and Conduct Creation and restructuring of Advisory Committees to the Board of Directors Audit Committee Finance, Risk and Contingency Committee Compensation and Management Committee 100% of common shares with 100% Tag Along Review of the bylaws, aiming at adjusting to the new regulations of the Novo Mercado of BM&FBovespa Engagement of consulting services for implementation of internal controls based on SoX principles.Capital Markets Engagement of Market Maker since January 2009 Improved liquidity with the inclusion of the SmallCap and IBRx100 indices since the first 4-month period of 2010 Growth of 127% in the volume of securities traded until October 31, 2010 against the daily average in 2009 Increase of 136.5% in the financial volume in the same period Business volume tripled in 2010 (as of October 31, 2010) against 2009, while the accumulated appreciation of the securities in 2010 was 40.8%, exceeding 3% of the IBOVESPA index and 2.5% of IBRx100. 31 31

32. Concerns about the quality of products and sustainability... Environment, Community, Clients, Suppliers, Employees and Investors Adhesion to the Global Compact of the United Nations in June 2008 Sustainability Report based on GRI (Global Reporting Initiative) methodology Awards (2009-2010) Paranapanema was among the five finalists of IR Magazine in the category Greatest Developments in Investor Relations (RI);Bahias unit (Caraba brand) received two Top Social ADVB 2009 awards granted by the Brazilian Association of Sales and Marketing Managers;Eluma brand received the Rui Otake Award granted by Revenda magazine to the best product for the civil construction sector; 4th Mrito Lojista Award as one of the best suppliers of civil construction materials; and the ANAMACO award, as best manufacturer of copper tubes and connections. CertificationsISO 9001 Dias Dvila unit (State of Bahia); Utinga and Capuava units (State of So Paulo) and Serra unit (State of Esprito Santo);ISO 14001 Dias Dvila unit (State of Bahia) and Serra unit (State of Esprito Santo);ISO 14001 implementation in progress at the Santo Andr unit UTINGA (State of So Paulo) 32 32

33. OPENING SECTOR INDUSTRY CORPORATE RESULTS FINANCIAL AND RISK MANAGEMENT OUTLOOKPresented by Doris Wilhelm Investor Relations Officer

34. Net Revenue - R$ million Sales Volume by Division(t) 44% 49% 2,500.00 0.50 30% 27% 6% 2,000.00 0.00 -0.50 1,500.00 -1.00 1,000.00 287,641 212,357 300,855 171,204 235,308 186,877 176,593 142,721 180,609 131,531 -1.50 500.00 1,760 2,234 669 632 869 752 733 2007 2008 2009 9M09 9M10 -2.00 0.00 3Q09 4Q09 1Q10 2Q10 3Q10 9M09 9M10 Sales Volume of Copper Division(without byproducts) Fertilizers Net Revenue Change%(same before period) Copper Division with volume and revenues growth in 9M10 and 3T10 against the same periods in the previous year and quarter; Copper Division volume rose 2.3% in 9M10 against 9M09; Copper Division reported a growth of 62% in revenues and 42% in volume in 9M10 against 9M09; and Net Revenues increased 27% due to products with higher added value. 34 34

35. Increase in 21% in the volume of semi- Sales Volume of Refined Copper(t) manufactured Copper products in 9M10 against 9M09. Sales Volume of Semi-manufactured of Copper(t) 224,550 236,938 174,978 133,648 128,815 2007 2008 2009 9M09 9M10 63,091 60,330 42,945 51,794 Copper Division reported 26.6% growth in volume 63,917 in 1Q10 against 2Q10 and 6.4% against 3Q09 The highlight was on copper byproducts in 9M10, 2007 2008 2009 9M09 9M10 which rose 16% in 9M09, 13% in 3Q10 (against 3Q09) and 23% against 2Q10 35 35

36. Consolidated Gross Revenue by Market(R$ million) Positive evolution in gross revenues in the first nine-month period of 2010. 25% growth in volume in 9M10 against 9M09, to 181,000 tons Gross Revenue by Market(%) 33% 51% 47% 49% 47% 4,763 2,355 2,408 4,285 1,534 1,460 2,109 1,109 1,000 2,250 2,035 2,994 2,634 1,762 872 2007 2008 2009 9M09 9M10 Gross Revenue Domestic Market Foreign Market Increase of 25% in revenues of the Copper 67% 49% 53% 51% 53% Division, due to the growth of 62% in the domestic market in 9M10; Successful strategy focused on the domestic 2007 2008 2009 9M09 9M10 Foreign Market Domestic Market market: 67% of total sales 36 36

37. Quarterly Gross Profit(Loss) - R$ million Gross Profit(Loss) R$ million 0.50 70.00 60.00 7% 10% 4% 4% 0% 0.00 50.00 40.00 -0.50 30.00 180 110 -1.00 92 20.00 (42) 10.00 (14) -1.50 27 27 49 62 0.00 (1) -2.00 -10.00 3Q09 4Q09 1Q10 2Q10 3Q10 2007 2008 2009 9M09 9M10 Gross Profit Gross Margin(% of Net Revenue) Significant recovery in gross profit, with margin of 5% in 9M10 against negative margin of 2.4% in 9M09, exceeding the amount reported in 2007 Gross profit has been consistent throughout the quarters, except for 3Q10, since the increase in costs exceeded that of revenues. 37 37

38. Quarterly Net Income(Loss) - R$ million Net Income(Loss) R$ million 0.50 40% 350.00 300.00 3% 8% -7% -4% 0.00 250.00 200.00 -0.50 150.00 133 194 43 100.00 -1.00 (110) (109) 50.00 25 304 51 0.00 -1.50 (44) (32) -50.00 -2.00 -100.00 2007 2008 2009 9M09 9M10 3Q09 4Q09 1Q10 2Q10 3Q10 Net Income (Loss) Net Margin(% of Net Revenue) Sound recovery of R$43 million in net income and net margin of 2% in 9M10 against loss of R$110 million in 9M09. 38 38

39. Quarterly Adjusted EBITDA - R$ million Adjusted EBITDA - R$ million 0.50 70.00 60.00 5% 9% 3% 2% -1% 0.00 50.00 40.00 -0.50 30.00 167 20.00 72 88 -1.00 10.00 (41) 21 18 38 58 (59) 0.00 -1.50 (8) -10.00 -2.00 -20.00 2007 2008 2009 9M09 9M10 3Q09 4Q09 1Q10 2Q10 3Q10 Adjusted EBITDA Adjusted EBITDA Margin Adjusted EBITDA totaled R$88 million, with margin of 3.9% of net revenues in 9M10, reporting significant growth against 9M09. 39 39

40. OPENING SECTOR INDUSTRY CORPORATE RESULTS FINANCIAL AND RISK MANAGEMENT OUTLOOKPresented by Joo Ceneviva Corporate Finance and Risk Manager 40

41. To define Performance business and monitoring risk and management measurement objectives To design and Identification implement and hedge measurement strategies of risks To define hedge objectives and limits41 41

42. Value to Shareholders Ensure Optimization of Efficiency of Meeting Revenues Operating Costs Assets expectations Profitability Contractual Cash flow Compliance/ Default obligations Regulations Strategic Risks: Governance, Business Model Operating Risks: Processes, Personnel, IT, Environment Financial Risks: Market, Liquidity, Credit Regulatory Risks: Legal, Tax42 42

43. Mining/ Foundry and Refining Semi-Manufactured Scrap (Caraba) (Eluma) Costs (R$) EBITDA Product Chart not in scale Product Premium EBITDA (US$) Cathodes EBITDA Premium (US$) PMA Cathodes TC/RC (US$) Costs (R$) Copper Copper Copper Price Price Price (LME and MP (LME e Cathode Sale of(LME and US$) Acquisition US$) Sales Products US$) time43 43

44. Total Debt/ 12M EBITDAAmounts in R$ thousands Dec-09 Mar-10 Jun-10 Sep-10 4.87 Total Debt 486,290 458,605 376,198 530,172 Short Term 402,439 393,328 325,458 501,717 Long Term 83,851 65,277 50,740 28,455 Cash 667,721 671,912 520,206 521,595 2.65 1.91 Net Debt -181,431 -213,307 -144,008 8,577 1.36 EBITDA 199,519 31,853 59,481 -12,855 12M EBITDA 99,783 172,977 275,758 277,998 Dec-09 Mar-10 Jun-10 Sep-10 44 44

45. OPENINGSECTORINDUSTRYCORPORATERESULTS FINANCIAL AND RISK MANAGEMENTOUTLOOK 45

46. 2007 2008 2009 2010 Creation of PAC*1 Oil findings in the pre- Brazil chosen to host Creation of PAC*2 Brazil chosen to host the salt layer the 2016 Olympic 2014 FIFA World Cup Games*PAC = Growth Acceleration Program of the federal government Source: Federal Government website 46 46

47. PAC 1 Investments of US$179 billion Strong assignment of funds to the economyLogistics (highways, railways, ports, airports and waterways) US$31 billionEnergy (Power generation and transmission; production, US$153 billionexploration and transportation of oil, natural gas andrenewable fuels)Social and Urban (sanitation, housing, subways, urban US$95 billiontrains, Luz para Todos program and water resources) Source: Federal Government website Investments will stimulate the demand for copper in coming years. CARABA and ELUMA brands are well positioned to compete on the market... ... due to the expansion in the capacity to offer high quality products, with adequate profitability. 47 47

48. PAC 2 Investments of US$816 billionPeriod from 2011 to 2014 US$497 billionSanitation US$32 billionHealth, day care centers and schools US$13 billionHousing US$154 billionWater and Luz para Todos electricity program US$17 billionTransportation US$58 billionEnergy US$223 billionPeriod from 2014 on US$319 billionTransportation US$2.5 billionEnergy US$316.5 billion Source: Federal Government website Sectors with increased growth potential regarding copper consumption48 48

49. Brazil will host four major sports events.2011 The Army Olympics, in Rio de Janeiro2014 FIFA World Cup2016 Olympic GamesThese important events will result inadditional investments of US$33.0 billion.This requires investments in infrastructure, which will result in copper consumption Source: FGV / Abramat Dec/09 49 49

50. Brazilian macroeconomic outlook favorable in 2010-2016, with GDP growth of ~5% p.a. Positive Outlook for the demand of copper products Relevant factors for the Brazilian copper chain due to: Investments in infrastructure Investments in electricity and clean energy Investments in civil construction Gap between housing demand and supply 2014 FIFA World Cup in Brazil 2016 Olympic Games in Brazil Brazil offers excellent investment opportunities Growth estimates for BRIC countries Demand from Asia and other emerging markets, rising above the global average Strategic actions planned by the Company to increase profitability (strategic partnerships and copper recycling) Opportunity sources: mining rights and sale of non-operating assets 50 50