Cash Capex LESS THAN Accounting DA, $270m < $367m Difference is...

Cash Capex LESS THAN Accounting DA, $270m < $367m

Difference is $97m (7 cents a share)

This is really important looking at Arrium cash flows in FY15.

DA Based on FY14 numbers.

	Column 1	Column 2
0		DA
1	Iron Ore	205
2	Mining Consumables	47
3	Steel	104
4	Recycling	11
5	DA TOTAL	367

FY15 Capex using the low end of the guided range.

	Column 1	Column 2	Column 3
0		Capex FY15
1	Capex Mining Cut Backs	135	Growth
2	Capex Exploration	25
3	Capex Mining Haul Road	15
4	Capex Mining Stripping activity assets	45	Stay in Business
5	Capex Mining Consumables	80	75% GROWTH, benefits in FY16/17. Stay in Business only $20m
6	Capex Steel & Recycling	70	Stay in Business
7	Capex Total	370
8	Assets Sold	100
9	Net Capex	270

The writer implies no investment recommendation. This report contains material speculative in nature. Investors should seek professional investment advice. The writer owns shares in Arrium.