Confidential 1

Confidential

AMERICAS IRON ORE CONFERENCE

Manabi Presentation Belo Horizonte, 6 – 8 November 2012

Confidential 2

Disclaimers

This presentation and its contents are confidential and proprietary of Manabi S.A. and its Subsidiaries (“Manabi”). Upon acceptance of this presentation, each recipient (as well as its agents, representatives, advisors, directors or employees, as the case may be) agrees that it will not, and shall not permit any third party to copy, reproduce or distribute to others the content of this presentation, in whole or in part, at any time without the prior written consent of Manabi. Except as otherwise indicated herein, this presentation provides for information and opinions as of the date hereof, which are subject to change without notice. This presentation does not purport to be all inclusive or to contain all information that you may desire in evaluating the project (the “Project”). Each recipient must conduct and rely on its own evaluation, including of the associated risks, in making an investment decision. Manabi strongly recommends to all recipients of this presentation to obtain appropriate independent legal, tax, financial and other professional advice. Although certain information and opinions expressed in this presentation were obtained by Manabi from sources believed to be reliable and in good faith, neither representation nor warranty, express or implied, is made as to its accuracy or completeness. Nothing contained herein is, or should be relied on as, a promise or representation as to future performance of the Project. Certain information and conclusions set forth herein are based on projections. These projections were prepared for the limited purpose of analyzing the potential risks and benefits of an investment in the Project by illustrating under certain limited assumptions projected capital and operating expenditures, installed production capacity and expected production. In addition, because of the subjective judgments and inherent uncertainties of projections and because the projections are based on a number of assumptions, which are subject to significant uncertainties and contingencies that are beyond Manabí's control, there can be no assurance that the projections or conclusions derived therefrom will be realized. Under no circumstances should the projections set forth herein be regarded as a representation, warranty or prediction that Manabi will achieve or is likely to achieve any particular future result. There can be no assurance that Manabí's future results or projections will not vary significantly from those set forth herein. In addition, certain of the information and conclusions set forth herein are based on projections. These projections were prepared for the limited purpose of analyzing the potential risks and benefits of an investment in the securities by illustrating, based on a number of assumptions, the prospective and contingent resources of Manabi. Although Manabi believes the assumptions underlying such projections are reasonable, the reasonableness of these assumptions has not been independently passed upon. Manabí's ability to achieve the projected results is dependent upon, among other factors, the success of its exploration efforts, its ability to obtain necessary governmental authorizations and licenses in order to begin operations, its estimates of resources, its budget for developing its exploration and production assets and operating those assets, and its forecasts for production and the market for that production. This presentation contains forward-looking statements or statements about events and circumstances which have not yet occurred, which may be identified by such words as "may", "plans", "expects", "believes" and similar expressions, or by their context. These statements are made on the basis of current knowledge and, by their nature, involve numerous assumptions and uncertainties. Forward-looking statements may be influenced in particular by factors such as the ability to obtain all required regulatory approvals on a timely basis or at all, exploration for mineral resources and reserves, difficulty in converting geological resources into mineral reserves, and changes in economic, political and regulatory conditions. We caution that the foregoing list is not exhaustive. When relying on forward-looking statements to make decisions, investors should carefully consider these factors as well as other uncertainties and events. Various factors could cause Manabí's actual future results, performance or events to differ materially from those described in this presentation. In no event shall Manabi or the members of its board, directors, assigns or employees be liable to any third party (including investors) for investment decisions or acts or business carried out based on the information and statements that appear in this presentation, or for indirect damage, loss of profit or related issues. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. This presentation was prepared for information purposes only and it should not be construed neither an offer to sell (which can only be made pursuant to definitive offering documents) nor a solicitation of an offer to buy any securities in the United States, Brazil or any other jurisdiction. Securities of Manabi, IronCo. LLC and/or any affiliated entity may only be offered or sold in the United States, Brazil or any other jurisdiction pursuant to their registration or an exemption from registration under the U.S. Securities Act of 1933, as amended, Instrução CVM 400/03, as amended, or other equivalent rules and regulations of any other jurisdictions.

Confidential 3

“A new player in the high-grade iron ore arena”

3.5 billion tons Mineral Resources

1.5 billion tons JORC compliant

resources(1)

2Q 2016 production start up(2)

31 Mtpy high-grade (68.5% Fe)

iron ore production

Integrated logistics

Brief history

• Manabi was incorporated on March 10th 2011 for the purpose of developing and exploiting iron ore assets in Brazil

• Manabi holds 78 mining rights in the State of Minas Gerais, which include the Morro do Pilar (“Pilar Hill”) and Morro Escuro (“Dark Hill”) sites already under exploration

• Manabi assembled a highly experienced management team with proven Brazilian iron ore industry expertise

Mineral assets

• Located on the outskirts of the Iron Quadrangle, a region known for its abundance of iron ore resources

Premium Product

• Product: Fe content of 68.5%

• Low impurities

Integrated logistics

• Projected pipeline of approximately 530 km to be built as BOT (build-operate-transfer) or possibly using existing railway with a much shorter pipeline

• Area for the North Port site secured in the State of Espírito Santo

Total area of approximately 3,000 acres

Dredging depth 19 m (initial phase)

Manabi overview

(1) Coffey Feasibility Study – March & April, 2012 (2) Only for the Dark Hill project; the Pilar Hill will start in 3Q 2016

What is Manabi?

Confidential 4

Ownership Structure

Main accomplishments at EBX

• Founder and Executive Officer (heading business strategy, marketing and sales) of highly successful mining and metals Company MMX Mineração e Metálicos S.A., a holding company active in the area of iron ore extraction

• Co-founder and CEO of LLX Logística S.A., developing from scratch two of Brazil’s largest port projects – Açu and Sudeste

Main accomplishments at Vale

• Development, implementation and operation of Carajás iron ore mine (world’s largest)

• Led acquisition of mines to consolidate Brazil’s iron ore industry

• Marketing and sales at Vale International

• Extensive international experience, led Vale’s iron ore price negotiations from 2002 to 2004, which grew nearly 100% in that period

Main accomplishments

• As Bank of Montreal’s Head of US Equities Sales, originated over US$ 200 billion of investments through public offerings and M&A

• Co‐founder and director of HRT Participações em Petróleo S.A., an independent Brazilian holding company active in the areas of exploration and production of petroleum and natural gas

• Co‐founded MMX Mineração e Metálicos S.A. and LLX Logística S.A. in 2006 and 2007, respectively, and served as a director of MMX Mineração e Metálicos S.A.

• Acted as lead / co-lead underwriter and individually placed 25% to 100% of the most important deals in the Natural Resource Sector: Arequipa Resources; Diamond Fields Resources; Meridian Gold; Franco Nevada Corp; Wheaton River (Goldcorp); Randgold; Urasia; UraMin; Minefinders; Ivanhoe Mines; Comaplex; Detour Gold; and Osisko, among others

• Originated and executed the largest natural resource transactions in Brazil, placing 50% to 100% of the equity placements for: HRT; OGX; MMX; LLX; Yamana Gold; Santa Elina and TVX Gold

Ricardo Antunes (Fabrica Holding S.A.) Michael Vitton (M2 Advisors)

17.8%

Fabrica Holding S.A. Michael S. Vitton Mathew T. Goldsmith PPM Investors1

Manabi S.A.

14.7% 5.9% 5.4% 74.0%

Morro do Pilar Minerais S.A. (Pilar Hill)

Morro Escuro Minerais S.A. (Dark Hill)

Manabi Logística S.A. (Manabi Log)

Founding Investors

100%

100%

100%

(1) US$ 550MM equity raising in June/2011 + US$ 300MM equity raising in Oct/2012 committed to the long-term success of the Company:

9.7% 17.3% 11.5%

Confidential 5

Highly Experienced Management Team

Ricardo Antunes

Chief Executive Officer

José Tadeu de Moraes

Chief Operating Officer

Joaquim Martino

Chief Development & Technical Officer

• Former CEO of LLX Logistica SA (Bovespa LLXL3), an EBX group company that developed the two largest private ports under construction in Brazil (Açu Super Port and Port Sudeste, both in Rio de Janeiro)

• Founding partner and Head of Marketing & Business Development of MMX Mineração e Metálicos SA (Bovespa MMXM3)

• 22 years executive experience in Vale including production, marketing, logistics and business development

• Bachelor's degree in Metallurgical Engineering from PUC - RJ with a Masters degree from The Imperial College of London

• Founding partner and former CEO and COO of MMX Mineração e Metálicos SA (Bovespa MMXM3)

• COO of Vale's Northern System which encompasses Carajás (world's largest iron ore mine), a 900 km railway and a 150 Mtpy port

• Worked as engineer for Samarco Mineração and Vale for 20 years

• His deep technical knowledge coupled with his work in scouting new mining opportunities both in Vale and in MMX has made him one of the country's leading experts in identifying and evaluating new opportunities in Brazil

• CEO of Samarco Mineração (Dec-2003 – Dec-2011)

• Was elected Leader of the Year by Business Leader Award 2011 in Espirito Santo/ES

• Industrial and Operations Officer (Oct-2000 – Nov-2003)

• Coordinated the implementation of 2 pipelines in Brazil

• Worked as General Manager of the Ubu unit, accountable for operations and other corporate processes at Ubu

Executive Officers Experience

Antonio Castello Branco

Chief Financial & Investor Relations Officer

• Worked at EBX Group from 2007 – 2011, participating in MMX Mineração e Metálicos SA, restructuring its logistics business and LLX spin-off. At LLX was responsible for budget and investor relations

• 10 years at Vale responsible for corporate finance and treasury departments and subsequently CFO of Vale's Corporate Venture Holding and of Vale's subsidiary for Manganese and Ferroalloys

• MBA in Finance from COPPEAD / New York University and graduated in Production Engineering from UFRJ

Ricardo Abramof

Chief Sales & Marketing Officer

• 25 years of experience in the iron ore mining industry, including mine planning/operation, beneficiation, plant operation, project development and implementation, marketing and sales and strategic planning

• 22 years at Vale holding positions as General Manager in the Northern System. In the commercial and marketing areas served Vale as Officer of Sales for North America (5 years) and as General Manager for Global Marketing

• Served for 5 years as Commercial and Marketing Officer for iron ore at Companhia Siderúrgica Nacional (Bovespa CSNA3)

• Mining Engineer from UFMG with executive education programs at MIT, IMD, Columbia University and Darden School

Augusto Tannure (1)

Logistics Officer

• Lawyer and Economist, with an MBA in Logistics from COPPEAD-UFRJ

• Experience in Business Development and Logistics, having worked at the Boston Consulting Group, Vale´s Logistics Department, and serving as Business Development Manager at MMX and LLX

• Partner at Fabrica Holding S.A. since 2010

(1) Not an executive officer.

Confidential 6

Highly Experienced Management Team (Cont’d)

Manager (1) Experience

Alberto Lopes

Project General Manager

Alex Dias

Geology General Manager

Camilo Silva

Technology and Process General Manager

• Mechanical Engineer (MSc) with 13 years of experience in engineering, industrial maintenance and plant operation for Vale

Carajás Mines. Former MMX Amapá Project CEO, MMX Corumbá Project General Manager in charge of engineering,

construction, team development and operations

• Formerly MMX´s project development General Manager, 25 years of experience in technological development, quality control,

automation, maintenance and plant operation, engineering and project development, mainly for Vale. Holds MBA, MSc and PhD

degrees

• Geology Engineer with MSc. 18 years of experience in geological research, mining planning, mineral resource and mineral

reserves estimations, QA/QC and new business. Worked for Vale and Votorantim in iron ore, nickel, bauxite, phosphate,

limestone, and other mineral projects

Luiz Claudio Patrus

Pre Operation General Manager

• 26 years of experience. Joined Anglo American in 2009 as GM for the Minas-Rio Project being responsible for engineering and

implementation of the ore processing plant and filtering. Joined MMX in 2006 as Pre-Engineering and Operation general

manager. Worked for Vale as Processing general manager for Carajás Plant

Eric Julian

Planning Manager • Former MMX rail and port manager responsible for project implementation. 12 years of experience in planning, budgeting,

construction, plant management and project development for Vale. Technical Administrator with emphasis in management, with

an academic degree in building technology

Antônio Augusto Seabra

Geology Manager • Geology Engineer from UFOP. 11 years of experience at Vale as geologist in Itabira and Carajas mines and iron ore exploration

programs - Carajás, Urucum, Iron Quadrangle, including Serra da Serpentina project

Rosângela Ferreira

Community Relations and PR Manager

• More than 20 years of experience with strategic performance management initiatives in Corporate Social Responsibility and

Communication. Served the last 5 years in Samarco Mining, responsible for developing policies and projects. MBA in

Management and Social Entrepreneurship from FIA / USP

Thaís Oliveira

Environmental Manager • Attorney graduated from PUC, with experience in Environmental Law. Worked with FIEMG, CSN/NAMISA and Ferrous Resources

with licensing and environmental management, institutional relations. Representation of the mineral sector in the State Council

for Environmental Policy, Minas Gerais

(1) Not an executive officer.

Confidential

Assets Overview

Confidential 8

Location of Mineral Assets in the State of Minas Gerais (Outskirts of the Iron Quadrangle)

MG

Pilar Hill and Dark Hill

N

Km 0 15 30

(1) Pilar Hill and Dark Hill Coffey reports, March 2012

Confidential 9

Resources Overview Manabi holds 78 mining rights in the state of MG encompassing 3.5 Bi tons of resources (drilled only 6% of the total area)

Source: Coffey Feasibility Study – March, 2012 and SRK Dark Hill Report – March, 2012 Note: (1) Drilling campaign in Pilar Hill and Dark Hill areas highlighted above (2) Geosol was contracted in November 2011 to perform additional drilling

MG

(1)

21.123

45.000

66.123

Nov-2011 Additional drilling 4Q12

Aeromagnetic anomalies survey and drilled areas (1)

(2)

,

,

,

Expected Drilling Campaign (meters)

Total – Preliminary Resources (Bt)

Confidential 10

Location of Ports and Pipelines

Manabi

Anglo American (Minas Rio)

Vale

Serra Azul (MMX, Usiminas)

Ferrous

CSN

Iron Quadrangle

Railroads Rivers

Port Pipelines

Samarco

Ubu Port

Açu Port (under construction)

(project)

Ferrous Port

Confidential 11

Manabi Pellet Feed: a Premium Product

ROM % Mt Fe SiO2 Al2O3 Mn P LOI

Pilar Hill 2,837 30.23 52.47 1.84 0.07 0.06 0.59

Dark Hill 670 31.61 53.76 0.66 0.05 0.03 0.11

“In situ” resource characteristics allowing… … the production of a premium pellet feed at low costs

Product % Fe SiO2 Al2O3 P Mn LOI

Manabi 68.5 1.0 0.6 0.02 0.05 0.7

Premium pellet feed: • High grade product: 68.5% Fe • Low impurities: SiO2 + Al2O3 ~1.6%; P ~0,02%

0

2

4

6

8

10

12

54 56 58 60 62 64 66 68 70

Alu

min

a +

Sil

ica

Co

nte

nt

(%)

Iron Content (%)

Australia 1

South Africa 1

Australia 5South Africa 2

Australia 9Australia 4

Australia 7Australia 2

Australia 6

Australia 8

India 1

Brazil 4

Brazil 2Brazil 6

Manabi 2016

Brazil 5Brazil 3

Brazil 1

Australia 3

10 Mt pa

Manabi Iron Ore quality in comparison to other projects - Seaborne iron ore grades (lump, sinter and pellet Feed)

Brazil

Australia

South Africa

India

Manabi

Sílic

a +

Alu

min

a (%

)

10 Mtpy

Source: Information compiled by Manabi S.A., based on publicly available information prepared by Anglo American plc; each number represents a project of a Company or a group of Companies in the location indicated (1) SRK Pilar Hill and Dark Hill technical reports, March 2012.

(1)

(1)

(1)

Confidential 12

Strong Demand for Manabi’s High-quality Iron Ore

• Direct Reduction steel producers requires low contaminants iron ore

• Fast growing market

• Very dependent on a sole supplier

• Needs “premium” iron ore to balance quality deterioration

• High quality steel requires low P-content iron ore

• Need premium iron ore to balance with low quality/lower cost Australian iron ore

• High quality steel requires low P-content iron ore (Japan, Korea, Taiwan)

USA / Mexico

Trinidad &Tobago

Middle East and North Africa India

China / Korea / Japan / Taiwan

Europe

Brazil

China / Korea / Japan / Taiwan MENA / T&T / India Europe

USA / Mexico Brazil

• Cheaper natural gas is attracting new capacity in DR steel facilities which require high grade iron ores

• Needs new source of “premium” iron ore to balance quality deterioration

• Growing consumption

Source: Manabi

Confidential

Pilar Hill

Confidential 14

Pilar Hill Project Overview

Project highlights

• Premium product with high global demand

• 25 Mtpy of very high-quality iron ore concentrate (68.5% Fe, low impurity)

• 20 years of production, starting in 3Q16

• Sizeable certified and potential resources

• 65 mineral rights in Minas Gerais, next to Anglo American Minas Rio project

• Inferred: 1,216 Mton JORC Certified

• Potential: 1,621 Mton

• Total: 2,837 Mton

• Significant drilling campaign

• 147 drill holes; 16,071 meters drilled

• Only 6% of area covered, indicating high potential for increasing resources

• Fully integrated logistics alternatives:

A) Dedicated pipeline to be built on BOT (built-operate-transfer) basis

B) Vitória-Minas railroad

A

B

Belo Horizonte

North Port

ES

MG Vitória

Pilar Hill Governador Valadares

Conceição do Mato Dentro

Dark Hill

Itabira

Railroads

Pipelines

Alternative A

Alternative B

Colors represent:

Logistics alternative B

• Pipeline of around 170km connecting the Pilar Hill mine to the EFVM (to be built as BOT)

• Rail spur of around 80km connecting the EFVM to the North Port, flat terrain

Rio de Janeiro

RJ

Private mixed-use port terminal

• Port site in Espirito Santo

Logistics alternative A

• Pipeline to be built on BOT (build-operate-transfer) basis

• Extension: ~530km

A

B

Lines represent:

Confidential 15

Area: ~3,000 acres

Depth: -19 m

Bridge: 3km

North Port

Distances Port Terminal Offshore Facilities (initial phase)

Pilar Hill North Port 531 km

EFVM North Port 80 km

Vitória 120 km North Port

• Dredging depth 19 m (initial phase)

• Port site with a total area of approximately 3,000 acres (Main ES port: 4,400 acres)

• Access Bridge: 3.0 km

• Berths: Ships up to 180,000 tons

• Iron Ore – 1 Shiploader

• 1 Conveyor belt

Rio Doce

Serra

Vitória

Vila Velha

BR 101

BR 101

ES 248

ES 245

ES 358

ES

North Port

Confidential 16

Macro Project Timetable – Pilar Hill(1)

Timetable

Production Schedule (Mtpy)

1Q12 3Q12 1Q13 3Q13 1Q14 1Q16 3Q16 3Q17 3Q14 1Q15 3Q15 1Q17 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17

2012 2013 2014 2015 2016 2017

Licensing • Preliminary

Environmental License • Mine and Port (1Q 2013) • Pipeline (3Q 2013)

Environmental Impact Assessment

• Mine, Plant and Utility (1Q 2012)

• Pipeline and Port (4Q 2012)

Construction License • Mine and Port (3Q 2013) • Pipeline (1Q 2014)

Operation License • Port (1Q 2016) • Mine (2Q 2016) • Pipeline (3Q 2016)

Mine

Port

Pipeline

Production start-up (3Q 2016)

(1) Timetables and production schedule are based on current estimates and are subject to change

Permitting

Execution

6

25 25 25 25 25 25

2016 2017 2018 2019 2020 2021 2022

Pilar Hill

Confidential

Dark Hill

Confidential 18

Project highlights

• Low-cost production of 6.0 Mtpy high-quality iron ore concentrate (68.5% Fe, low impurity)

• Starting in 2Q 2016

• Strategically located to supply the growing iron ore domestic consumption in the region

• 30 km from Vale’s Itabira mines

• 120 km from steel mills nearby Ipatinga region (MG)

• Considerable amount of resources should allow production for at least 18 years

• 5 mineral rights in Minas Gerais

• Inferred: 251 Mton JORC Certified

• Potential: 419 Mton

• Total: 670 Mton

• Logistics via existing highway and/or railway system

Belo Horizonte

ES

MG Vitória

Dark Hill

Governador Valadares Conceição do Mato Dentro

Pilar Hill

Itabira

Roads

Railroads

Lines represent:

3rd Parties

Arcelor Mittal

Usiminas

Dark Hill business model

Dark Hill Project Overview

Domestic market Mining trucks/railway Beneficiation unit

Confidential 19

Sizable Local Demand

VALE (Itabira) • Only 30 km from Dark Hill Project • VALE has been a major buyer of iron ore for the past decade • VALE’s purchases range from 10 to 20 Mtpy and complement, both quantitatively and qualitatively, its portfolio of products

Usiminas • Largest steel producer in the State of Minas Gerais • Production capacity of more than 5.0 Mtpy of steel products • It is also the largest consumer of ore in the Vale do Aço region, consuming up to 8.0 Mtpy of iron ore • USIMINAS obtains its supply from the market, of which VALE is the main supplier, and offers pellet and sinter feed • The Intendente Câmara mill is 124 km from Dark Hill, thus enabling highway transportation under adequate conditions

Arcelor Mittal (Monlevade) • Traditional manufacturer of steel products for construction, the Monlevade mill has a production capacity of 1.1 Mtpy of steel

and consumes up to 1.6 Mtpy of iron ore • ARCELOR-MITTAL obtains its supply of iron ore preferably from its own mine, but since it needs to make adjustments to the

quality of its mix of ores, it also buys products from other sources • Close to Dark Hill, which makes this client a firm buyer in view of the differentiated quality of the Manabi’s product

Acesita • Largest manufacturer of specialty steel in Latin America, with a production capacity of 700,000 tons of finished product • Acesita/Aperam has two lines of products, stainless steel and steel for the consumer electronics industry, both with special

quality requirements, which requires Acesita to search for high-quality raw materials, which makes it an attractive target for the ore of Dark Hill

• ACESITA purchases 1.0 Mtpy and has sought alternative sources to the traditional suppliers in the market

Source: Manabi

Confidential 20

Macro Project Timetable – Dark Hill (1)

Timetable

(1) Timetables and production schedule are based on current estimates and are subject to change Studies for Dark Hill project are currently under development

Production Schedule (Mtpy)

1Q12 3Q12 1Q13 3Q13 1Q14 1Q16 3Q16 3Q17 3Q14 1Q15 3Q15 1Q17 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17

Environmental Impact Assessment • Mine, Plant and Utility

Preliminary License

Construction License Operation License

Mine

2012 2013 2014 2015 2016 2017

Production start up (2Q 2016)

Permitting

Execution

Expansion

1

2

4

6 6 6 6

2016 2017 2018 2019 2020 2021 2022

Dark Hill

Confidential

IMPORTANT MILESTONES

Confidential 22

Experienced management team in place - iron ore project development, implementation and operation

Company

~ 3,000 acres of land acquired to develop North Port

Important Developments and Milestones Since Private Placement in June 2011

Logistics

Onshore drilling performed, confirming adequate conditions for ore yard

Bathymetric survey confirming competitive location for offshore port

General onshore (port) layout concluded

Non-binding MOU with Vale ´s Logistics Subsidiary (VLI) signed in March

Pipeline route defined and basic engineering contracted

Preliminary License requested for Pilar Hill mine & plant, with Environment Impact Assessment (“EIA”) filed on March 29th, 2012

Pilot test executed on Pilar Hill and Dark Hill Iron Ore, confirming the premium quality of its Pellet Feed

Additional drilling campaign of 45,000 m underway

Conceptual engineering concluded for disposal of tailings (project footprint and CAPEX reduced)

Basic Project of Pilar Hill and Dark Hill contracted

5% increase in JORC resources after just 4 months of drilling campaign

8 additional mineral rights

Water rights granted for Pilar Hill mine project

Mine & Plant

Aerial topographic photometry for the initial 170 km of the pipeline concluded in May

IBAMA technical team conducted field survey in June for the 530 km pipeline route

Confidential

CAPEX

Confidential 24

Production Schedule

Production Schedule (Mtpy)

Source: Coffey Feasibility Study – March & April 2012.

1 2 4 6 6 6 66

2525

25 25 25 25

7

2729

31 31 31 31

2016 2017 2018 2019 2020 2021 2022 +

Dark Hill Pilar Hill

Confidential 25

CAPEX

CAPEX (US$ MM) PILAR HILL DARK HILL

Mine 142 64

Infrastructure 63 103

Plant 1,376 289

Pipeline 0 0

Port + Filtering 770 0

Feasibility + Land 270 89

Contingencies 586 130

Pre-Operational 167 45

TOTAL 3,375 721

Source: Coffey Feasibility Study – March & April 2012

Confidential 26

Thank you

Rua Humaitá, 275 – 10th floor

22261-005 Rio de Janeiro – RJ – Brazil

Tel. / Fax 55 21 2538-4900

ri@manabibrasil.com.br