This document summarizes MPX Colombia's integrated mining system business plan. The plan involves developing world-class coal mining assets in Colombia with over 1.74 billion tons of potential resources. MPX will operate 4 mines ramping up to a total production capacity of 20 million tons per year by 2021. It will also develop port and railroad infrastructure to efficiently transport coal. The total planned capex is $1.906 billion, with 70-75% expected to be debt financed and the remainder through cash generation and equity financing.

1. Business Plan
MPX Colombia
March 2010

2. Disclaimer
The material that follows is a presentation of general background information about MPX Energia S.A. and its subsidiaries
(collectively, “MPX” or the “Company”) as of the date of the presentation. It is information in summary form and does not purport
to be complete. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the
accuracy, fairness, or completeness of this information.
This presentation may contain certain forward-looking statements and information relating to MPX that reflect the current views
and/or expectations of the Company and its management with respect to its performance, business and future events. Forward
looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results,
performance or achievements, and may contain words like “may”, “plan”, “believe”, “anticipate”, “expect”, “envisages”, “will likely
result”, or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and
assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans,
objectives, expectations, estimates and intentions expressed in this presentation. In no event, neither the Company, any of its
affiliates, directors, officers, agents or employees nor any of the placement agents shall be liable before any third party (including
investors) for any investment or business decision made or action taken in reliance on the information and statements contained
in this presentation or for any consequential, special or similar damages.
This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities.
Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever.
Recipients of this presentation are not to construe the contents of this summary as legal, tax or investment advice and recipients
should consult their own advisors in this regard.
The market and competitive position data, including market forecasts, used throughout this presentation were obtained from
internal surveys, market research, publicly available information and industry publications. Although we have no reason to believe
that any of this information or these reports are inaccurate in any material respect, we have not independently verified the
competitive position, market share, market size, market growth or other data provided by third parties or by industry or other
publications. MPX, the placement agents and the underwriters do not make any representation as to the accuracy of such
information.
This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or
in part without MPX’s prior written consent.
Business Plan MPX Colombia March 2010 2

3. MPX Colombia System
Integrated Mining System:
World-Class Mining Assets + Efficient Logistics 0.7 Mty *
1.74 billion tons in potencial coal
resources
2.0 Mty *
Maximum output capacity of 20 Mtpy in
2021
3.5 Mty *
Production start-up in 2012
5.4 Mty **
3 open-cast and 1 underground mine
Estimated Coal
Demand from MPX’s
power plants
Mty: MM tons/year
* 65% Dispatch
** 90% Dispatch
3

4. Mining
Resources and Reserves
Mar/2010
1.74 billion tons in potential resources RESOURCES IN SITU BY AREA
Mt Type
66,225 ha along 25 km of coal bearing Cañaverales 93.8 Measured/Indicated
Cerrejón Formation San Benito 21.9 Measured
Papayal 28.2 Measured
266 boreholes, 195 positive
TOTAL 143.9
San Juan 1,600 Potential
90,000 m drilled
Production Output Ramp-up in current concessions (Mty)
An additional 5Mty
will come from new
areas in La Guajira
and other
Departments
4

5. Cañaverales
Open-Cast Mine
Calorific power GAR* (kcal/kg) 5,812 Capex Disbursements (USD M in real terms)
Production start-up 2Q12
Maximum output (2022) 5.0 Mty
Total CAPEX USD 45 M
OPEX USD 37.5/ton
Production Output Ramp-up
* GAR – Gross as received 5

6. Papayal
Open-Cast Mine
Capex Disbursements (USD M in real terms)
Calorific power GAR (kcal/kg) 7,226
Production start-up 2Q12
Maximum output (2017) 2 Mty
Total CAPEX USD 30 M
OPEX USD 45/t
Production Output Ramp-up
6

7. San Benito
Open-Cast Mine
Capex Disbursements (USD M in real terms)
Calorific power GAR (kcal/kg) 5,811
Production start-up 1Q13
Maximum output (2015) 0.5 Mty
Acumulated CAPEX USD 8 M
OPEX USD 40/ton
Production Output Ramp-up
7

8. San Juan
Underground Mine
Capex Disbursements (USD M in real terms)
Calorific power GAR (kcal/kg) 6,300
Production start-up 2Q14
Maximum production 3.0 Mty / Mine
Acumulated CAPEX USD 293 M / Mine
OPEX USD 35/ton
Production Output Ramp-up
8

9. New Areas
La Guajira Other Departments
Mine Capex + Concession
USD 50.0 M
Acquisitions
CAPEX USD 28,8 M/ty
Contingencies USD 7.5 M
Total CAPEX USD 57.5 M
Production Output Ramp-up Production Output Ramp-up
9

10. MPX Port
Capacity Ramp-up
Start-up in 1Q14
Port Area: 521 ha
150 km from mines
MPX Port Phase 1 Phase 2
Capacity 10 Mty 20 Mty
Cummulative
USD 284 M USD 400 M
Capex
Opex USD 3.5/t USD 3.0/t
Caribbean Sea La Guajira
Capex Disbursements (USD M in real terms) MPX Port Highway: 150 Km
Traduzir p/ Inglês
Papayal
Underground mine Canaverales
San Benito
Venezuela
MPX Concessions Areas drilled Port
10

11. MPX Railroad
Start-up in 1Q16 Capacity Ramp-up
3 alternative routes under study
Capacity 10 Mty 20 Mty
Cummulative
USD 333 M USD 400 M
Capex
Opex USD 2.5/t USD 2.5/t
Capex Disbursements (USD M in real terms)
1
3
2
11

12. Capacity Ramp-up
Mines, Port and Railroad
Production of up to 20 Mtpy of production in 2021
12

13. Uses & Sources
Cash generation shall cover most of equity need
*
Total Capex USD 1.906 M
Debt/Equity
Debt Financing USD 1.374 M
Mining 70/30
Cash Generation* USD 275 M
Logistics Infrastructure 75/25
Total Equity USD 257 M
* Reinvested
13