rubbish evaluation, page-17

Re: Feng Hue average $0.01162/cont ton IO ig offer for 37.60% HAW shareholding.

1. Hanlong china current t/o offer for SDL IO assets equates to $0.985/cont ton IO ig.

2. Mt Gibson 60% share sale to Chongging equates to $0.985/cont ton IO ig.

3. Both above have resources of at least 1 btn plus tons IO.

4. A Fair and Reasonable value of HAWs 40% current IO resource share at $0.985/cont ton IO ig equates to $240m.

5. NMDC/Legacy 60% share earn in in HAW IO assets equates to $0.318/cont ton IO ig.

6. Current Feng Hua 37.60% share purchase offer for HAW shares equates to $0.160/cont ton IO ig and total cost of $40m.

7. Current Feng Hua offer undervalues HAW assets by 50% compared to NMDC/Legacy share earn in.

8. Wouldnt you expect Feng Hua sp offer to at least equate to match NMDC/Legacy $0.318/cont ton IO ig value and a total cost of $80m?

9. DMR report indicates that Feng Hua offer is not fair and only reasonable.

10. I herewith seek view from other forum members?

11. Based on the above data, my AGM vote will be:

Resolutions 1,2 and 5 FOR Vote

Resolutions 3,4,6,7,8 and 9 AGAINST Vote