MPX reported highlights from the first quarter of 2011 including: 1) Estimates indicated 11.3 trillion cubic feet of natural gas resources in blocks operated by OGX in the Parnaiba Basin. 2) MPX was granted an installation license for its 1,863 MW gas-fired power plant in Parnaiba and is pursuing licensing for an additional 1,859 MW plant. 3) MPX secured 5 drilling rigs for coal development in Colombia and is contracting 2 more rigs. Environmental permitting for infrastructure is advancing. 4) MPX plans to raise up to 1.3 billion Brazilian reals to fund development of the MPX Parnaiba plant and MPX

1. 11-30-10
1Q11 Highlights

2. Disclaimer
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3. Agenda
Highlights & Subsequent Events
Natural Gas
Mining
MPX Ventures
3

4. 1Q11 MPX Highlights
Estimates by DeGolyer & MacNaughton indicated a total of 11.3 Tcf of risked gas resources in
the seven onshore blocks operated by OGX Maranhão in the Parnaíba Basin
Installation License for the MPX Parnaíba, a 1,863 MW gas-fired power plant granted and
licensing process for additional 1,859 MW initiated
5 rigs secured for drilling in the area of San Juan in Colombia and 2 additional rigs being
contracted
Environmental Licensing process for infrastructure in Colombia advanced with DAA approval
for the port and route of the 150 km railroad.
MPX to raise up to R$ 1,3 billion to fund development of key ventures MPX Parnaíba and
MPX Colombia.
Environmental license to 2,100 MW coal-fired power plant in Chile and Preliminary License
to 3,300 MW gas-fired power plant at the Superporto do Açu .
Energia Pecém and MPX Itaqui power plants progressing to start up in 2H11. MPX Pecém II
construction works are well-advanced.
4

5. Parnaíba Basin: Onshore Natural Gas Blocks with
Risked Resources of 11.3 Tcf
Estimates by DeGolyer and MacNaughton (April, 2011)
NATURAL GAS (in billion cubic feet - Bcf) GROSS NET
Contingent Resources 3C 3C
Contingent Gas Resources 952 222
Total Prospective Resources (unconventional + conventional) Mean Mean
Unrisked Prospective Gas Resources 56,127 13,096
Risked Prospective Gas Resources 10,978 2,561
OIL (in million barrels) GROSS NET
Prospective Resources Mean Mean
Unrisked Prospective Oil Resources 1,946 454
Risked Prospective Oil Resources 96 22
(i) 2C Contingent Gas Resources: Total– 334 Bcf ; Net – 78 Bcf
(ii) Contingent Resources: 2 accumulations discovered
(ii) Prospective Resources: 6 oil leads and 18 gas prospects
2 wells concluded with success + 2 wells in process
9 wells planned for 2011
5

6. Integrated 3.7 GW Power Generation Complex
Installation License to develop 1,863 MW
granted
Licensing of additional 1,859 MW unerway
Power plants strategically located on the PN-T-
68 block with easy access to gas supply
Inexpensive connection to the grid
Exploratory
TPP Blocks
.6

7. Colombia: 5 Drilling Rigs Already Secured
Unique geology: large and continuous coal deposit
Over 100 coal seams
22 seams > 1.5m thick
8 sea,s > 3.0 m thick
Engineering projects by Golder Associates/Marsten&Marsten and Worley Parsons
5 drilling rigs secured + 2 rigs being PRODUCTION Ramp-up
contracted 40
35
Fully integrated logistics with 30
25
environmental pre-feasibility approved
MTPY
20
15
150km Railroad: flat route, parallel 10
to existing roads 5
0
Port: best combination of deepest
water & flatter area in La Guajira PHASE 1 PHASE 2
7

8. Raising R$ 1.3 billion to Fund MPX Parnaíba and
MPX Colombia
Structure Convertible Debentures
R$ 1.0 Bi – R$ 1.3* Bi (R$ 600M BNDES + R$ 200M EB + R$ 200M Gávea + Minority
Volume
Shareholders)
Tenure 3 years
Rate IPC-A + 4.00% aa
Conversion Price R$ 43.0/share
Principal escalated by IPC-A + 4% spread payable annually
* Considering 0% and 100%, respectively of free float subscription
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9. Proven Track Record in the Development of
Robust Projects
Chile: Environmental license for 2,100 MW Açu: Environmental License to 5,400 MW
Integrated Project: Power Plant + Deep-Water 3,300 MW gas + 2,100 MW coal
Port + Desalination Plant Strategic Location at the Açu Superport
Strategic location Close to natural gas accumulations discovered in
SIC: Central Interconnected System (90% of GDP the Campos Basin
& 92% of population) Potential supplier for industries located within
Large pent-up demand for energy and water the Açu Superport
Port concession and environmental license Highly competitive energy supplier due to
granted benefit from auto production sharing
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10. Startup of Contracted Power Plants in 2H11
Energy sold in A-5
auction 2007 4Q11 2012 3Q12 2013
• Energia Pecém
• MPX Itaqui Construction works at MPX Pecem II Spot¹ Fixed Gross Revenue: R$ 248.0 MM/y²
3Q08 Construction works at MPX Itaqui Spot¹ Fixed Gross Revenue: R$ 276.7 MM/y²
Construction works at Energia Pecem Spot Fixed Gross Revenue: R$ 261.3 MM/y²
4Q07 1Q09 2Q09
*Energia Pecém is a 50/50 partnership between MPX and EDP
Energy sold in A-5 auction 2008: **PPA – Power Purchase Agreement
• MPX Pecém II ¹ Energy sold in spot market before PPA start date
² As of Mar/2010
Energia Pecém e Pecém II Itaqui
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March/2011