The document summarizes a proposed transaction between MMX, LLX, and SK Networks. 1) MMX will raise up to $2.2 billion through a share capital increase. The controlling shareholder will convert debt into equity and SK Networks will subscribe to $700 million worth of shares. 2) LLX's port assets will be spun off into a new company, PortX. 3) MMX will launch a tender offer to acquire PortX for $2.3 billion in royalties and cash/shares, consolidating the iron ore assets and securing access to port infrastructure.

1. Material Fact
MMX and LLX

2. Transaction Highlights
Capital increase in MMX of up to US$2.2 billion
Capital increase of common shares at R$13.963
The Controlling Shareholder will convert part of the perpetual debentures issued
by MMX and held by the Controlling Shareholder into MMX equity at R$13.963
per share
Acquisition of Sudeste Superport, valued at US$ 2.3 billion in (i) MMX shares or cash (ii)
and royalties
MMX’s strategy to consolidate iron ore assets may accelerate the second phase of
Sudeste Superport
Long-term iron ore off-take agreement granting SK Networks entitlement to:
50% of the production of MMX Chile’s mines
Part of MMX Sudeste’s production equal to at least the percentage of SK's
shareholding in MMX immediately following the consummation of the
Transaction(1)
(1) Applicable from 2013 and beyond. In 2011, SK will receive two capesize ships from MMX’s Serra Azul mines and in 2012 one million tons, subject to availability, from MMX’s Serra Azul mines 2

3. SK Network Profile
SK Networks, a SK Group affiliate based in the Republic of Korea, operates in 22 countries with its businesses
ranging from energy sales to mobile phone distribution, trading and retail
– SK Networks recorded US$ 17.1 billion in sales and US$ 274.6 million in operating income in 2009
– Its parent company, SK Group is one of the largest conglomerates in the Republic of Korea and recorded US$
69.8 billion in sales and US$ 3.2 billion in operating income in 2009
• Developing partnerships and making strategic acquisitions to secure access to
overseas natural resources and investing in mine & smelter projects
Mine & Smelter • Coal Mine Project in Australia
• Lead & Zinc Mine Project in China
• Gold Mine Project in Uzbekistan
• 4th largest refining capacity in Asia
Energy & • 25 E&P blocks across 14 countries
Chemicals • LNG production accounting for 56% of domestic demand
• World’s fourth largest Polyester film production capacity
Information & • No. 1 Korea mobile service provider with 20 million subscribers
Telecomunication • First succeeded in developing CDMA and DMB services for Korea
• Building B2C networks
Other • Largest carrier of crude oil and LNG in Korea
• Hotel & stock brokerage business
3
Source: Company website and presentations

4. Current Ownership Structure
MMX ownership structure LLX ownership structure
Controlling Controlling
Free float Free float
Shareholder Shareholder
42.1% 21.5% 36.4% 53.9% 46.1%
70% 100% 100% 70% 70% 51%
Minera MMX
MMX Corumbá MMX Sudeste LLX Açu LLX Minas-Rio
de Chile Sudeste
30%
Centennial
4

5. Step 1: Subscription of Capital
Increase in MMX
A Before capital increase Key considerations
Controlling MMX’s Board of Directors will approve the issue of up
Free float
Shareholder
to 267.2 million MMX common shares at
42.1% 21.5% 36.4%
R$13.963/share
Capital increase (1):
Up to US$ 2.2 billion
The Controlling Shareholder will partially assign to SK
his pre-emptive rights in MMX, so as to allow SK to
New MMX shares
issued: Up to 267.2 subscribe and purchase US$700 million(2) worth of
million MMX common shares
B After capital increase The Controlling Shareholder will convert and
contribute to MMX part of the perpetual debentures
Controlling
Free Float
issued by MMX and held by the Controlling
Shareholder
Shareholder in the amount of R$ 370.3 million. The
30.5% 21.5%(1) 11.6% 36.4%(1) balance of the Perpetual Debentures (R$ 112.4
million) will be paid to the Controlling Shareholder
through the delivery of IronX debentures(3)
MMX will not disburse any cash as payment of the
(1) Assumes 100% subscription from Wisco and free float
Perpetual Debentures
(2) For illustrative purposes only. FX rate of R$ 1.717/US$ as of September 10th, 2010
(3) Non-convertible debenture bonds issued by IronX Mineraçao S.A. and held by MMX 5

6. Step 2: LLX Spin-Off
A Before spin-off B After spin-off
Controlling Controlling
Free float Free float
Shareholder Shareholder (1)
53.9% 46.1% 67.7% 32.3%
70% 51% 70% PortX
LLX Açu LLX Minas-Rio
Sudeste
30%
Centennial
Sudeste
(1) Includes EBX and Centennial stakes in LLX Sudeste Port 6

7. Step 3: Voluntary Exchange
Tender Offer
Controlling
Free Float Key considerations
Shareholder
30.5% 21.5%(1) 11.6% 36.4%(1) MMX will launch a voluntary exchange tender
offer (“OPA”) for the totality of the share
capital of PortX (2)
Total Value: US$ 2.3 billion, divided into:
Voluntary
Exchange Tender - US$ 1.796 billion in royalties: MMX would pay
Offer (“OPA”)
to LLX Sudeste shareholders US$ 5/ton of iron
Free float ore shipped through Sudeste Superport
Controlling
Shareholders(3) (Former LLX
shareholders)
- US$ 504 million in cash or MMX shares
67.7% 32.3%
MMX shares in the OPA priced at R$ 13.963
PortX
Total new MMX shares issued in the OPA:
− Controllingshareholder: 42.0 million (US$
Sudeste
341.4 million)(4)
(1) Assumes 100% subscription from WISCO and free float
(2) This type of OPA does not trigger preemptive rights for existing MMX shareholders
(3)
(4)
Includes EBX and Centennial stakes in LLX Sudeste Port
For illustrative purposes only. FX rate of R$ 1.717/US$ as of September 10th, 2010
− Free float: 20.0 million (US$ 162.6 million)(4) 7

8. Final Outcome
Before LLX Sudeste Superport acquisition After LLX Sudeste Superport acquisition(2)
A 100% LLX Sudeste free float receiving MMX royalties + MMX shares
Controlling Controlling
Free Float Shareholder
Free float
Shareholder
33.4% 19.9% 10.7% 36.0%
30.5% 21.5%(1) 11.6% 36.4%(1)
70% 100% 100% 100%
Minera MMX
MMX Corumbá MMX Sudeste
de Chile PortX
Sudeste
70% 100% 100%
Minera MMX de B 100% LLX Sudeste free float receiving MMX royalties + cash
MMX Corumbá MMX Sudeste
Chile
Controlling
Free float
Shareholder
34.2% 20.4% 11.0% 34.4%
70% 100% 100% 100%
Minera MMX
MMX Corumbá MMX Sudeste
de Chile PortX
(1) Assumes 100% subscription from WISCO and free float Sudeste
(2) The Controlling Shareholder will be paid by a combination of newly issued MMX shares + MMX royalties 8