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 large exposure to China's iron ore demand Sensitivity of earnings and cash flows to iron ore prices, changes in price realization rate, and foreign exchange movements Greater flexibility in capital structure due to substantial deleveraging, enabling the company to absorb reasonable volatility through the mining cycle The stable outlook reflects our expectation that Fortescue Metals Group Ltd.'s financial policy and 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 lower than 3x when industry conditions remain favorable. In
