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Page 1 Important Drivers of Pelletising Supply/Demand

Pellet and Pellet Feed Market Dynamics

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Dominic Phelan, Engineering Cost Analyst, from AME has presented at the Global Iron Ore & Steel Forecast Conference. If you would like more information about the conference, please visit the website: http://bit.ly/13MkVsy

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Important Drivers of Pelletising Supply/Demand

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Estimated and Forecast Imports of BF and DR Pellet Feed by Country

(Mt)

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Estimated and Forecast Exports of BF and DR Pellet Feed by Country

(Mt)

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BF Pellet Production by Key Countries and Regions

(Mt)

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Historical and Forecast BF Pellet Consumption by Key Regions and Countries

(Mt)

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The Development Cycle in Asia will provide leverage to commodities demand

Source: AME

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Steel Production in China

Source: AME

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Benchmark Burden Feed Splits

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BF Capacity and Benchmarked Fuel Rate

(Ktpa) (kg/t HM)

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Benchmarked Slag Generation rate, and Burnt Lime/Dolomite Consumption

Source: AME

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Benchmarked Indian Fuel Rate, Slag rate, and Burnt Lime/Dolomite Consumption as a function of BF Pellets

Source: AME

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Forward looking information Certain statements and graphics contained in this presentation may contain forward-looking information within the meaning of various securities laws. Such forward-looking information are identified by words such as "estimates", "intends", "expects", "believes", "may", "will" and included, without limitation, statements regarding the company's plan of business operations, production levels and costs, potential contractual arrangements and the delivery of equipment, receipt of working capital, anticipated revenues, mineral reserve and mineral resource estimates, and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral reserve and resource estimates, equipment and supply risks, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Contact details and important notices

For further details, please visit our website at www.amegroup.com

AME Group Sydney,Hong Kong, London, New York [email protected]

Sydney: +61 2 9262 2264 Hong Kong: +85 2 2846 8220 London: +44 208 332 8610

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Important Drivers of Pelletising Supply/Demand