4Q10 Results &

Perspective for 2011

11-30-10

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.

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in this presentation or for any consequential, special or similar damages.

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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

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information.

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Agenda

Mining

Highlights & Subsequent Events

Financial Performance

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Mining

Natural Gas

Ventures

MPX to raise up to R$ 1,3 billion to fund development of key ventures MPX Parnaíba and

MPX Colombia.

In Colombia, potential resources surpass 4 billion tons of coal - annual production expected

to reach 35 million tons.

Environmental Licensing process for infrastructure in Colombia advanced with DAA for the

port approved and exemption from DAA requirement for 150 km railroad confirmed.

Exceptional success in the exploration of the Parnaíba Basin – in one well alone, test results

MPX Highlights

Exceptional success in the exploration of the Parnaíba Basin – in one well alone, test results

indicate potential daily production of up to 3.4 million m3 (AOF – absolute open flow).

Strategically positioned to capture the growth in gas-based generation: only private-sector

utility with integration of power generation to gas supply.

Largest growth portfolio in South America: reached 11GW in licensed projects with the

granting of environmental licenses to a 3,300 MW gas-fired plant at the Superporto do Açu

and a 2,100 MW coal-fired plant in Chile.

Construction of Energia Pecém, MPX Pecém II and MPX Itaqui power plants 90% complete.

Approximately 10 thousand jobs created.

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Financial Performance

Cash balance in Dec/2010, including balance in scrow accounts

Parent: R$ 566.0 million

Consolidated: R$ 854.2 million

Equity for Pecém I, II and Itaqui

R$ 193 million in 2010

Parent Company Consolidated

R$ million dec/10 sep/10 dec/10 sep/10

Current Assets 668.6 565.5 1,661.5 1,131.1

Noncurrent Assets 297.2 274.5 1,006.4 306.4

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Gross Debt in Dec/2010

R$ 2,607.1 million

89% Long-term

R$ 193 million in 2010Fixed Assets 1,074.3 982.0 3,611.7 3,115.8

Total Assets 2,040.1 1,822.0 6,279.6 4,553.2

Current Liabilities 322.5 71.9 1,395.7 862.4

Non-current Liabilities 4.3 21.6 3,182.3 1,919.2

Minority Interests - - 43.4 43.1

Shareholders’ Equity 1,713.3 1,728.5 1,658.2 1,728.5

Total Liabilities 2,040.1 1,822.0 6,279.6 4,553.2

Operating expenses Parent

(In thousands Reais) 4Q10 4Q09 % Var

Expenses

Personnel and managers (45,634) (31,634) 44.3%

Material (45) (44) 3.6%

Outsourced services (10,027) (12,254) -18.2%

Leases and Rentals (2,674) (693) 285.9%

Insurance (83) (198) -57.8%

Parent Company’s G&A Expenses

� Fair Value of Stock Options (IFRS):

R$ 16,1 million

� Reclassification of R$ 6.5 million

previously booked as Deferred Assets

(IFRS)

� R$ 4.3 million due to annual pay

adjustment of 6.63%. Insurance (83) (198) -57.8%

Taxes (102) (72) 41.2%

Other expenses (1,351) (2,397) -43.6%

Total (59,915) (47,291) 26.7%

Depreciation and amortization (203) (148) 37.9%

Total (60,119) (47,439) 26.7%

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� R$ 1.9 million in rent expenses

relative to new headquartes

Structure Convertible Debentures

Volume R$ 1.0 Bi – R$ 1.3* Bi (R$ 600M BNDES + R$ 200M EB + R$ 200M Gávea)

Capitalization of up to R$ 1.3 billion

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Volume R$ 1.0 Bi – R$ 1.3* Bi (R$ 600M BNDES + R$ 200M EB + R$ 200M Gávea)

Tenure 3 years

Rate IPC-A + 4.00% aa

Conversion Price R$ 43.0/share

* Considering 0% and 100%, respectively of free float subscription

Principal escalated by IPC-A + 4% spread payable annually

CCX: The “Carajás” of Compliance Coal

Unique geology within

MPX’s leases

In excess of 100 seams

22 seams >1.5m thick

8 coal seams >3m

Potential of >1.6 billion

mineable tonnes

8

mineable tonnes

Fully-integrated logistics

Heavy-haul 150km

railway: flat route,

parallel to existing road

Port: best combination

of deepest water &

flatter area in Guajira

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PRODUCTION Ramp-up

A Low-Cost, Large Scale Coal Production System

Large production scale: 35 million tonnes per year

Competitive mining costs: estimated cost for underground mines US$25/t

Low cost logitics: 150km railway + private deep water port

0

5

10

15

20

25

30

35

40

MT

PY

PHASE 1 PHASE 2

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Unique Onshore Natural Gas Portfolio with 15 Tcf

Discoveries

Portfolio Potential

Block % MPX Well Prospect Status

PN-T-6823,3%

(33.3% * 70%)

OGX-16 Califórnia Concluded

OGX-22 Fazenda São

JoséConcluded

OGX-23 Bom JesusIn progress

since 13/02

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Year 2010 2011 2012 Total

Number of wells 3 9 3 15

Pressure of 1,900

psi

Flames approx.

15m high

Production potential of

3.4M m3/day in

Absolute Open Flow

Pressure of 1,950 psi

Flames approx. 20m

high

Portfolio Potential

Potential resources of approx. 15 Tcf

Production potential of approx. 15M m3 / day

Approx. 20 mapped prospects

Drilling schedule

OGX-16 OGX-22

2 onshore rigs secured

Ownership StructureOwnership Structure

OGX

OGXMaranhão

PETRA

Blocos Exploratórios

UTE

70% 30% 30% 70%

2/31/3

Integrated to a 4,000 MW Generation Complex

1111

Exploratórios

Largest Licensed Greenfiled Power Generation

Portfolio in South America

� 11 GW in licensed greenfield power projects

Natural Gas

MPX Parnaíba (1863 MW)

MPX Açu (3300 MW)

Coal

MPX Açu (2100 MW)

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MPX Açu (2100 MW)

MPX Sul (727 MW)

MPX Seival (600 MW)

MPX Castilla (2100 MW)

Renewables

Solar: MPX Tauá (1 MW)

MPX Castilla is the Largest Licensed Greenfield

Power Plant in Chile

Integrated Project: Power Plant + Deep-Water Port + Desalination Plant

Strategic location:

SIC: Central Interconnected System (90% of GDP & 92% of population)

Large pent-up demand for energy and water

Port concession and environmental license granted

MPX Castilla: robust license for 2,100 MW obtained after a 4-year licensing process

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The Largest Licensed Greenfield Generation

Complex in Southeast Brazil

Strategic Location at the Açu Superport

Close to natural gas accumulations discovered in the Campos Basin

Potential supplier for industries located within the Açu Superport

Highly competitive energy supplier due to benefit from auto production sharing

Environmental License to 5,400 MW (3,300 MW gas + 2,100 MW coal)

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Contracted Power Plants Start-up in 2H11

2Q09

Spot¹

Spot¹ Fixed Gross Revenue: R$ 242.2 MM/y²

4Q07

3Q08

1Q09

2012 20134Q11 3Q123Q11

Fixed Gross Revenue: R$ 255.1 MM/y²

Fixed Gross Revenue: R$ 269.7 MM/y²

Construction works at Energia Pecem

Construction works at MPX Pecem II

Spot ¹

*Energia Pecém is a 50/50 partnership between MPX and EDP

**PPA – Power Purchase Agreement

¹ Energy sold in spot market before PPA start date

² As of Dec/2010

Energy sold in A-5

auction 2007

• Energia Pecém

• MPX Itaqui

Energy sold in A-5 auction 2008:

• MPX Pecém II

Construction works at MPX Itaqui

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² As of Dec/2010

90% of construction completed.

10 thousand jobs created.

Operation teams hired and in training.

Minimum guarenteed revenues of approximately R$ 500 million in 2012 and over R$ 750 million

from 2013 on.

Long-term financial fully contracted and 73% disbursed.

Energia Pecém: 720 MW starting up in 2H11

Energia Pecém

(720 MW)

EPC 87%

Energia Pecém

(720 MW)

EPC 87%

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MPX Pecém II

(365 MW)

EPC 80%

MPX Pecém II

(365 MW)

EPC 80%

MPX Pecém II: 365 MW starting up in 1H12

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MPX Itaqui

(360 MW)

EPC 85%

MPX Itaqui: 360 MW starting up in 2H11

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March/2011

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