1. MDC10.1 Meeting Agenda

2. Meeting Agenda VANITEC Antitrust Statement Review Review of Minutes from MDC10 meeting Market Segmentation – Review and discuss market segmentation Target Audience – attempt to more specifically identify the target audience for each important Market Segment Industry Statistics – Review current status of efforts to collect production and consumption data China LEEDS

3. Vanitec Antitrust Statement VANITEC GUIDELINES FOR COMPLIANCE WITH ANTITRUST LAWS Compliance with the antitrust laws is essential to ensuring that Vanitec’s continuing activities remain free from improper or illegal anticompetitive conduct. The following guidelines apply to all Vanitec meetings, communications and other Vanitec-sponsored activities and should be observed and followed at all times. These guidelines are designed to protect Vanitec and its members from undue antitrust risks. Any member who has questions about these guidelines or compliance with the antitrust laws should consult Vanitec’s or the member’s legal counsel. MEMBER CONDUCT Vanitec members shall not use Vanitec meetings, communications, or activities to make or attempt to make any agreement regarding prices, terms or conditions of sale, discounts, margins, strategic plans, production volumes, territories, or customers, or even to discuss any of the above When engaging in informal, social or “cocktail party” discussions in connection with a Vanitec meeting – i.e., any discussion other than official agenda items – all members shall observe these guidelines and comply with these guidelines as if they were participating in official Vanitec meetings. Members should be particularly careful to remember that these guidelines apply when engaging in discussions with competitors over dinner, at receptions, or other social events. Members should also understand that even “harmless joking” about prices or similarly sensitive topics could be misconstrued as evidence of an illegal conspiracy. Should any Vanitec member suspect that any discussion or activity violates the antitrust laws or any of these guidelines, that member should insist that the discussion be stopped immediately and referred to the Chairman and/or to legal counsel for advice. ORGANISATION CONDUCT All Vanitec meetings, communications, and activities that involve collection, dissemination, or discussion of statistical market research – such as any information regarding prices, costs, or individual company statistics of any kind – should be reviewed with Vanitec’s legal counsel in advance. No Vanitec meeting, communication, or activity shall be used to boycott or attempt to boycott any competitor from participating in any market or selling to any customer. Neither Vanitec nor any of its Committees shall make any effort to establish product standards or “certification” requirements for any product, without first obtaining the advice of legal counsel. Vanitec shall not unreasonably deny membership to any entity who qualifies for membership or participation in any Vanitec activity under Vanitec’s by-laws. An agenda shall be prepared and approved in advance by legal counsel before any Vanitec meeting that is not solely related to technical research issues. Minutes of each Vanitec meeting involving matters other than purely technical research topics shall be prepared after the meeting. Copies of meeting minutes shall be reviewed by legal counsel prior to distribution to Vanitec members. ANTITRUST GUIDELINES These guidelines shall be distributed to each Vanitec member. Moreover, at each Vanitec meeting, members shall be advised of the continuing application and any modification of these guidelines by a statement from the meeting Chairman or legal counsel, as appropriate. Speakers and authors representing Vanitec shall comply with these antitrust guidelines. All speakers authors distributing papers at Vanitec activities shall be informed of these guidelines and shall comply with these guidelines at all such activities. Any Vanitec-sponsored paper involving marketing or competition issues – i.e., not purely technical issues – should be reviewed by legal counsel in advance.

5. Market Segmentation

6. Vanadium Market Forecast by Segment Based on optimistic view of future steel production 2011-2025 Vanadium Demand Forecast Steel Production Million MT Specific V Consumption KgV/MT Steel V Consumption 000 MTV Increase In V Consumption 000 MTV From Growth In Country20112025CAGR20112025CAGR20112025CAGR Steel Production Specific V RateTotal China 683 1,0653.2%0.0370.0967.0% 25 10210.6% 14 63 77 India 72 1887.1%0.0280.0939.0% 2 1716.5% 3 12 15 Europe 177 2432.3%0.0920.1222.0% 16 304.6% 6 7 13 North America 119 1742.8%0.0870.1152.0% 10 205.1% 5 5 10 South Korea 68 1264.5%0.0350.0917.0% 2 1112.9% 2 7 9 Japan 108 1331.5%0.0600.0913.0% 7 123.9% 2 4 6 Brazil 35 664.6%0.0310.0928.0% 1 613.7% 1 4 5 Ukraine 35 705.1%0.0570.0994.0% 2 79.4% 2 3 5 Turkey 34 675.0%0.0740.0972.0% 3 65.1% 2 2 4 Middle East 20 384.7%0.0300.0888.0% 1 38.2% 1 2 3 Taiwan 23 404.0%0.1000.1151.0% 2 56.8% 2 1 2 Totals 1,374 2,2103.5%0.0520.1004.8% 72 2208.3% 40 109 149

7. Market Segments and Source of Volume

9. Market Segments and source of Volume

10. Market Segments and Volume 40% of the opportunity lies in Hot rolled long products and 40% in hot rolled flat products 10% of the opportunity lies in forging steels, and 10% in HSLA/AHSS Auto applications 57% of the opportunity lies in China 11% of the opportunity lies in India Europe, South Korea and North America are significant contributors to opportunity

11. Market Segments and Volume Stimulating demand for HSLA steel in China, India, North America and Europe are important contributors to opportunity Maximizing market share relative to Nb or other options in China, India and South Korea are important contributors to opportunity

12. Target Audience The target audience identified for each market segment includes: –Metallurgical community within the steel industry –New entrants into the steel industry metallurgical community – professors, graduate and post graduate students at strategic universities –Standard setting bodies –Steel producing organizations –Steel Service Centers (North America) –Steel plant manufacturers A list of specific targets for our message for each critical market segment must be developed

13. Target Audience Specific Target Audiences within geographical regions identified at MDC 9.4 14 Sept 2012Specific Target Audiences within geographical regions identified at MDC 9.4 14 Sept 2012

14. Industry Statistics J. Hilbert is in the process of sending requests for information to the various industry contacts We aspire to have some initial data to review at the meeting in Venice in September

15. LEED The LEED rating system for building design and construction was discussed. The system is current up for public comment. There is a lack of knowledge within VANITEC of the details of this rating system and an effort to more fully understand the details of the system and the potential for this standard to support or deter our vanadium market development efforts needs to be undertaken.

16. Follow up Items Review and agreement of market segmentation and source of volume data Development of specific target audience list Refinement of market data collection process Deployment of China development plan Development of positioning statement for each key target audience Development of executionable actions to deliver positioning statement to each target audience group Develop comment for LEED system to consider use of HSLA steel as substitute for C-Mn steel in the standard