ceo and $1.50, page-12

Hi jhu, any reason why you haven't included any growth in the China IO market in 2015? The stand out increase in production comes from Fortescue. The increase in production rate to 155mtpa is due for delivery mid'14, so they will not produce the volumes you are showing in your table in 2014. There are also risks. They are trying to sell $3B in assets to help fund their expansion plans and this sale has already slipped from June to Sept'13 so they may not be able to fund and deliver the 155mtpa facility on time? If you include growth in the China market 2015 and correct volumes from Fortescue and other suppliers, the market in China will be growing faster than these suppliers can supply over the next two years. And there is also growth in demand from other markets not included so a lot more analysis than what you are showing is required to really understand the supply-demand situation out to 2015. It is useful information, so thanks, but I believe that it needs more work before drawing too many conclusions. sdo