Ann: 2012 Full Year Financial Results announcemen, page-8

re: Ann: 2012 Full Year Financial Results ann... Just listened to the webcast. Some points to build on what Szaba has already said.

1. Nearly everyone that asked a question during the webcast wanted to talk about page 14 of the presentation. Having a plan of what would come on line and when got everyone excited. This, IMO, more than the increased dividend, boosted the share price today. The current thinking by some that mining at P Hill would end in 2018 seems to be now discredited.

2. OZL does not expect to pay any tax this year.

3. FCF will be negative again this year.

4. While not saying it outright, it would seem (and this is my opinion) that the cash on the bal sheet is no longer reserved for M&A. OZL will use it to do the capex required to bring Malu, Kalaya and Carrapateena to production.

5. FCF, in 2014 and following from P Hill will be very large as strip ratios fall from the current 11-12 to 5 in 2014, 4 in 2015 and decreasing to 1 in 2018. This cash will be used to fund the capex as mentioned above.

6. P Hill will still be mining in 2030.

7. There was no talk of anymore capital management.

8. The tunnel boring machine will be used to drill the exploration shaft at C. It will then be used to drill the decline. These are 2 separate tunnels. Someone asked whether a conveyor system in one tunnel (and the other tunnel used for access) could move 15mtpa of ore. (50% increase on current potential design.) TB said yes. Whether OZL has the bal sheet strength to do this or not will determine the final design of the operation.

HT1