Ann: MD Presentation, RRS Investor Conference, page-11

I thought the comments about consolidation in the pigment industry very interesting, with pigment producers looking to integrate and secure the hard rock source.

Some interesting facts about the key entities that produce both pigment and feedstock.

In the Pigment space you have 3 key players: Chemours (36%), Tronox/Crystal (after their M&A) (35%) and Kronos (15%).

In the feedstock space you have 4 key producers of titanium dioxide: Rio (33%), Iluka (17%), Tronox/Crystal (22%), China (10%).

You aren't going to acquire Rio or Iluka so mines like Mt. Peake are the logical target.