Ore Delivery System Update

Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 Dec. 31, 2015 IOC Sales Tonnages (Tonnes millions) IOC Sales - Pellets 8.41 10.48 10.06 9.47 - IOC Sales Concentrate for Sale 6.70 8.67 8.17 8.41 IOC Sales Total (1) 15.10 19.15 18.23 17.88 Positive fundamentals support the high-grade iron ore market • • Tightening environmental standards Steel sector consolidation and move towards larger blast furnaces Consumer demand for higher quality steels Increasing adoption of Electric Arc Furnace technology and resulting demand for Direct Reduction pellets • Long-term contracts secured . • Well positioned & competitive in all pellet markets (1) Sales tonnages as reported by IOC for calculating the LIORC royalty. 13 33

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