Improving size and scale, making it the world's fourth-largest iron ore producer Competitive cost position and long reserve life Limited product diversity and high exposure to China's iron ore demand Forecast positive free operating cash flow following the completion of its 155 million tonnes per annum (mtpa) expansion Breakeven costs (including interest, royalties, and minimal capital expenditure) estimated to improve to the low-US$70 per tonne (on a CFR 62% basis) in fiscal 2015 Sensitivity of earnings and cash flows to iron ore prices The positive outlook reflects our view that Fortescue Metal Group Ltd.'s financial risk profile will improve significantly due to the completion of the company's 155mtpa expansion and the US$3.1 billion debt reduction since November 2013. The reduction
