MINAS-RIO INTERNATIONAL MEDIA VISIT - 2015

1 MINAS-RIOINTERNATIONALMEDIA VISIT - 2015 May, 2015 IRON ORE BRAZIL2 ANGLO AMERICAN: THE DIVERSIFIED MINERP latinumDiamondsCopperNickelIron Ore and ManganeseMet and Thermal CoalCorporate &representative officesKeyHeadquartersNiobium and PhosphatesDiversified across 10 product groups that span the development cycleRecognisedin Brazil and internationally as a responsible mining companyOperating across 5 continents150,000 employees and contractorsFounded in 19173 ANGLO AMERICANIN BRAZILE xploration Office NickelNickelNiobiumPhosphatesIron Ore ( MINAS-RIO )PhosphatesIron ore export terminalMore than 40 years in BrazilBrazilian corporate officeA long and successful partnership4 Sources.

2 Datafolha Survey March18th, 2015 Selected indicators1 %GDP GrowthUnemployment rateInflationFiscal balance0-520162,6%1,4%152,3%-0,7%141,8%0 ,3%1310512112010 OECDB razil105020166,8%5,4%157,0%5,1%147,3%4,7 %13121120101312112010105020161,9%5,1%151 ,6%5,4%141,8%6,5%-3,9%-3,9%1413111220105 -3,0%150-5-102016-3,4%-3,1% Democracy Quality, but scarce workforce Abundant mineral resources Public demonstrations Low government approval Corruption scandals Energy crisis Water shortageModest growth due to tighter monetary and fiscal policies, weak external demand, low levels of investment and infrastructure bottlenecks.

3 Gross public debt currently at R$1,38trillion ~25% of GDPB razilian environmentBRAZIL: ECONOMIC AND POLITICAL SCENARIOA challenging set-up in spite of favourableconditions5 MINAS-RIO : SAFETYAS A CORNERSTONEOFPERFORMANCE51418262840352 Man-Hours Worked = 170m(million) Recordable Cases (TRCFR)0123141251440 High Potential IncidentsHPI = 12742%78%85%96%2011201220132014 Risk Change ManagementRCM = 96%Benchmark Safety Performance = Leadership, Ownership and Accountability6 Btof Total Ore Reserves in addition to Btof Total Mineral Resources* Easy to mine material due to geological formation Lowstripratioover LOM ~.

4 1 andeasilyliberatescontainments Reserve life of 45 years Upside reserve potential from an already large resource baseMINAS-RIO: LARGE RESERVE & RESOURCE BASE*2014 AnnualReport: Serra do Sapo FriableItabirite, Hematite andItabiriteestimates: Total Ore Reserves @ in additiontoTotal Mineral @ value from a Tier 1 depositwitha fullyintegratedlogistics7 BENEFICIATION PLANTIRON ORE TERMINALMINAS-RIO OVERVIEWA fully integrated operational infrastructure from mine to portPIPELINEMINEFILTRATION PLANT8 MINAS-RIO PROCESSMINE Life of mine is estimated at 45 years 30 trucks(230 t)Maximum productivity: 580 ton/h 2 Shovels (22 m )Productivity: 2100 ton/h 1 shovel (26 m )Productivity: 2500 ton/h 4 Front endloader: (15 m )Productivity.

5 1350 ton/h One 230kV transmission line The longest slurry pipeline in the world (529 Km) Crosses 33 municipalities in 2 states (States of Minas Geraisand Rio de Janeiro) 68% of solids in the slurry Approximately 4 days for the slurry to travel the pipeline at 6 km/h avg) Filtration plant located the Port One 138kV transmission line Dedicated iron ore terminal (50:50 JV with PrumoLogistics)IRON ORE TERMINALFILTRATIONPIPELINEPLANTDRY PROCESS STRUCTURES Primary crushing Secondary crushing HPGRDry process capacity: 55 MTPY (Wet basis)4300 tons/h (wet basis)STRUCTURES 3 surface stations: 2 pumps stations 1valve station Terminal stationCapacity: MTPY (drybasis) 3000 tons/h (drybasis)STRUCTURES ConcentrateThickener Clarifier waterrevovery Filtration(12 ceramicfilters)Capacity: MTPY (drybasis) 3200 tons/h (dry basis)STRUCTURES Stockpile Stockpile Loading Ship size (cape size) Capacity: Stockpile: 1 Million tons Stockpile Loading.

6 6,000 t/h Cape size Capacity of ~ tons* (wet basis)A fully integrated operational infrastructure from mine to shipWET PROCESS STRUCTURE Primary grinding Flotation Regrinding Concentrate thickener Tailings damWet process capacity: Primary grinding: 55 MTPY (wet basis) Concentratethickener: 26,5 MTPY (wet basis) Concentratethickener productivity: 3240 tons/h (wet basis)STRUCTUREOpen pit operation*Availablefrom2016 onwards9 FirstOre onShiptwomonthsaheadofschedule Capital billion-$ billion Ramp-up: 18 -20 monthspost FirstOre onShip 13 shipmentstocustomersin China, India, MiddleEastandEurope(byendMarch) milliontonnes(Q1 2015 ) The team is well positioned to deliver ramp-up, safely, by Q2 2016 ~4,000 employees(steadystate) Diversifiedteamwithseveralyearsofmining experience Productionguidance: 2015 : 11 14 milliontones2016.

7 24 26 milliontonesSHIPPED FIRST ORE ON 25 OCTOBER 2014 FOOS delivered safely and responsibly within revised plan and budget*Alltones onwetbasis1019,000 tons of steel 3 EIFFEL TOWERS1,500,000m of cables 1 PORTUGAL & SPAIN BORDER4,100light vehicles + mobile equipments 4,000,000km/month 700 Times London-New York 600,000 m3 of concrete poured 2 MARACANAS STADIUM33 MUNICIPALITIES2mPEOPLE35,600,000m3 of earthworks 32 FULLY FILLED WEMBLEYS170,000,000man hours worked 7 Burj Khalifa(Dubai) -Tallestbuildingin MAJOR ACHIEVEMENTE ngineering complexity in an evolving environment11 MINAS-RIO VIDEO First Ore on Ship delivered in line with revised planMinas-Rio12 COMPETITIVEOPERATINGCOSTPOSITION$6/t -$7/t$2/t$10/t -$11/t$9/t$1/t$5/t$33/t $35/t (1)SIB Capex ~$ over 1st 18 years OtherPipelineMineBeneficiationFiltration Net PortFOB Cash Cost (post ramp up)1st 18 yrs.

8 Avg. (Real 2014 Terms wmt)Note: (1) Includes state royalty, excludes federal royalty, on wet metric ton basisGlobal Iron Ore Cost Curve -2016($/dmt, FOB) MINAS-RIO in the 2nd quartile of the cash cost curve1,250250501,50075015020001,0005002, 25001002,0001,750Mt dry ore Minas-RioSource: CRU s estimate of FOB costs include mining, processing, transportation and general and admin. MINAS-RIO shown at full Half of the Cost Curve1356%62%60%58%10%64%6%2%66%70%4%68% 0%8%Minas-RioNorth AmericaOther -AfricaAustralia -Standard QualityAustralia -High QualityBrazilCISK umba Iron OreIndiaAlumina + silica contentFe contentChinaHIGH QUALITY PELLET FEED PRODUCTSWith the perfect fit for the evolving iron ore consumer market Increased market demand for high quality ore = MINAS-RIO MINAS-RIO High quality pellet feedproducts Direct Reduction ~68% Fe Blast Furnace ~67% Fe Low Silica andAlumina MINAS-RIO products are priced on a basis fully

9 Reflecting the excellent physical and chemical specifications 1)Chinese production (rich ore equivalent) inferred from a small sample of minesSource: CRU, AME, Anglo American14 THE FOCUS IS NOW ON SAFE RAMP-UPProduct Ramp-up (Mtpa -wet basis) & FOB Cash ~ $33-35/tProduct(mt)FOB ($/ wmt)$33-35/t~$60/tWorld-class performance and strong risk management 201520162017 Delivered project at $ billion capexTotal / 2016150120150900100380 PortMine & Ben PlanPre Operations& LandTotalOther (1)1) Includes working capital payments, demobilisation costs & construction contract finalisationLicensing, conditions and SG&A15 Education, Culture and Tourism Local labourprogramme Senai Tourism supportInfrastructure and Access Pavement works Historical building renovation HealthEnvironmental ManagementGlobal ProgrammesLocal Economic Development Professional Training NGO Partnerships Clinics RenovationSTAKEHOLDER SUPPORT.

10 EARNING OUR SOCIAL LICENCEP rojects and initiatives focusing on the short, medium and long term requirements Fauna and Flora Rescue Archaeological and cultural heritage preservation Conservation Units ARPA for Life UNGC Local Supplier Development Entrepreneurship Programmes16 474 studentsgraduatedtodate Allofthemfromlocal communities 347 (73%) hiredbyAnglo American Mechanic, Electrician, Mine EquipmentOperatorsWelder, Operator, etc AlloftheMine andPlantoperationsandmaintenanceemployee shavebeenhiredfromSenaiGreat Place to Work: #1 Large Company in Minas Gerais1stGreat Place to Work: #31 Large Company in Brazil31 OUR VALUESTOGETHER WITH THE COMMUNITYWORKING TOGETHERT here are no limits to what can be achieved if we truly work togetherCREATING THE RIGHT ENVIRONMENT69811910031 OtherLocalIOBF emaleMale% of Total WorkforceIRON ORE BRAZILMINAS-RIOINTERNATIONAL MEDIA VISITIRON ORE BRAZILMINAS-RIOINTERNATIONAL MEDIA VISITAPPENDIX Social Licence to Operate19 COMMUNITY DEVELOPMENT PROGRAMS Business development, financial support and professional qualification since 2012.