A Multicommodity View of Prices Prepared for: Current Trends in Mining Finance April 29, 2013 Lisa Morrison, Principal Consultant

CRU = Wide range of commodity coverage 2

Hot > 15% Warm 5% to 15% Cold -5% to 15% Freezing < -15% Mild 0% to 5% Cool 0% to -5% Heat Map 2013: Demand fades, supply expands, investors sell 2013 will be a lacklustre year for commodity prices: 13 commodities will rise, 8 will fall. Four commodities sit in the Hot & Freezing extremes. 3 * 2013 annual average price forecast (nominal $ or benchmark) versus 2012 Q4 average actual prices Coking Coal, Tin, Alumina, Manganese, Aluminium, Iron Ore, Cobalt, Palladium, Sulphuric Acid, Nickel, Zinc, Platinum, Copper, Lead, Gold, Silver, Phosphate DAP, Urea, Sulphur, Potash, Ammonia, Met Coke

Hot > 15% Warm 5% to 15% Cold -5% to 15% Freezing < -15% Mild 0% to 5% Cool 0% to -5% Heat Map 2017: Supply picture is dominant Prices expected to increase 13% on average out to of 22 commodity prices will rise while 9 will decline. 4 * 2013 annual average price forecast (nominal $ or benchmark) versus 2012 Q4 average actual prices Palladium, Tin, Zinc, Nickel, Alumina, Cobalt, Coking Coal, Platinum, Aluminium, Lead, Phosphate DAP, Manganese, Urea, Sulphuric Acid, Copper, Iron Ore, Gold, Ammonia, Met Coke, Sulphur, Potash, Silver

5 Contact details Lisa Morrison Principal Consultant – CRU phone: (NYC time zone) web: