Ann: Third Supplementary Bidder's Statement & Variation of Offer, page-6

Dear Gina,

As an existing shareholder, I genuinely appreciate your interest to acquire Atlas Iron and to help realise its potential and make it great.

I have long believed and remain confident that Atlas is a very valuable company given its significant wealth of assets both known and unknown.

HOWEVER...

These continued incremental variations of your offer to remaining shareholders, in my opinion, are becoming farcical.

This latest 'conditional' offer is clearly not so much about offering fair value but stretching out your agenda and the patience of remaining holders, who by now have made it very clear they are not interested in revised 'incremental' offers, assuming they are interested in selling at all.

For future communication and offers, please come to the market and Atlas shareholders with the genuine consideration and respect we appropriately deserve - such a genuine approach will give you a far better chance of achieving your goals with respect to acquiring and growing our company.

Sincerely,

A Determined Shareholder Seeking True Value