Dear Members:

In accordance with real market situation, it is announced that Specifications of Trading Brands for Iron Ore Spot Trading of Beijing Iron Ore Trading Center(hereinafter referred to as Specifications) is hereby revised as follows:

1. “Quarter” inDelivery Periodis changed to “Month Strip (1MV/M)” which means that the seller shall deliver cargo(es) with same brand and quantity stated in ECL to buyer each month in the selected period(based on arrival date).

2. The pricing term onPricing P Board is added.

3. Trading brand “SLFA” is added to trading brands specifications.

Such Specifications will take effect on 31 July, 2017.

Attachment: Specifications of Trading Brands for Iron Ore Spot Trading of Beijing Iron Ore Trading Center (July 2017)

Beijing Iron Ore Trading Center Corporation

17 July, 2017