Ann: 99.99%TGC Coated Spherical Graphite Achieved-MNS.AX, page-120

Key roles and responsibilities outlined in the MOU are as follows:
1. POSCO E&C is mandated for arranging senior loans through its associations with financial institutions.
2. Magnis is responsible for arranging subordinate debt and equity and the overall coordination of Project funding.
3. Magnis to update resource/reserve definition and a feasibility study to the satisfaction of lenders.
4. POSCO E&C to develop a fixed price lump sum for Project execution by 2 nd quarter 2016.
5. Magnis, with support from POSCO E&C, will advance the construction contract in parallel to the funding process.