Large-scale iron ore producer, fourth largest globally Long reserve life and low cost producer at the lower end of the seaborne cost curve Single commodity producer and exposure to China's iron ore demand Sensitivity of earnings and cash flows to iron ore prices, changes in grade realization rate, and foreign exchange movements Substantial deleveraging improving flexibility in capital structure to absorb reasonable volatility through the mining cycle The stable outlook reflects our expectation that Fortescue Metals Group Ltd. will operate within its financial policy and that its growth strategy will remain unchanged. We expect the company's funds from operations (FFO) to debt to be higher than 30% and debt to EBITDA to be lower than 3x when industry conditions are
