Ann: Decision to Mine for Mt Webber Iron Ore Proj, page-8

re: Ann: AJM: Decision to Mine for Mt Webber ... China Steel PMI Monthly June, 2013

China Steel PMI June 2013 Highlights:

Based on a recent Steelease survey of major steel downstream industries, the steel-PMI was 44.24 in June, down 4.04 MoM, but up 3.89 YoY. The reading fell in June on a monthly basis, but any decline was smaller compared with June 2012, and was only slightly lower than the performance in summer months in 2012. That is to say, steel demand is not as weak as it usually is during its traditionally low demand period. This may indicate that strong demand will not materialize during its peak demand period.