infrastructure, page-4

Extract from the Ocean Equity note:

"We believe that with the strategic relationships that AIOG has developed with
major infrastructure providers in China, an AIOG backed infrastructure
development to the benefit of Afferro is the solution to the required
infrastructure developments in West Africa. With power, port, rail and mine
infrastructure required, we believe that AIOG’s strategic partners, the Chinese
infrastructure developers, hold the key to unlocking the CCC and is a more
credible West African iron ore infrastructure solution as opposed to the
prolonged and non-eventuating Sundance/Hanlong proposal."