“Infrastructure demand of $3 · •From 2015 to 2030, McKinsey estimate global demand for new infrastructure could amount to more than $90 trillion; the value of the world’sexisting

“Infrastructure demand of $3.7

trillion per annum between now

and 2030”

Advisors Directory

www.infrastructurecommodities.com © 2018 2

Infrastructure Commodities (Mauritius) Ltd

(Incorporated in the Republic of Mauritius)

(Registration number: 151770 C1/GBL)

7th Floor, Tower 1, NeXTeracom, Cybercity, Ebene 72201, Mauritius

SEM share code: “ICML.N0000”

ISIN: “MU0602N00006”

Independent Financial Advisors

Mauritian Company Administrator,

Company Secretary, Registrar and

Transfer Agent

SEM Authorised Representative

Mauritian Bankers

AuditorsMauritian Legal Advisor as to Mauritian Law

Shameer Mohuddy

Legal Advisor as to English Law

Contents

Overview 4

Strategy 6

Infrastructure Marketplace 7

Mining Marketplace 11

Summary 15

Exhibit I 19

Exhibit II 21

Exhibit III 29

www.infrastructurecommodities.com © 2018


Overview

“It is estimated that $90 trillion will need

to be spent on building and maintaining

infrastructure worldwide between now

and 2030…. greater than the estimated

value of all of the world’s infrastructure

assets today”

Introduction

• Infrastructure Commodities (Mauritius) Ltd is a Mauritius public company holding a category one Global Business License(‘GBL1’).

• Infrastructure Commodities (Mauritius) Ltd was established as an investment holding company in order to acquire amajority of Infrastructure Commodities Limited (ICL) and to list on the Official List of the Stock Exchange of Mauritius(SEM).

• ICL is a Marshall Islands private Equity Company incorporated on 17 July 2013 which currently has holdings in 9companies who either supply commodities or invest in companies that supply commodities that are used for infrastructuredevelopment.

• Infrastructure Commodity Limited’s acquisition strategy is to focus on targeted acquisitions of developers and distributorsof natural resources used for Infrastructure, using Mauritius as its regional headquarters for targeted expansion within theAfrican continent.

• Although Infrastructure Commodities (Mauritius) Limited is a new investment holding company, the management teamhas a wealth of experience and a track record of value creation for stakeholders


Strategy

• Infrastructure Commodities (Mauritius) Ltd will build a portfolio of commodities that will benefit from unprecedentedinfrastructure investment.

• Funding gap exists in the mining sector due to sector recent underperformance creating significant opportunity.

• Will only invest in high quality assets with realistic valuations.

• Demand will be fuelled by infrastructure deficit and obsolete existing infrastructure due to under investment.

• Recent announcements by governments to boost infrastructure spending will further fuel demand.

• Infrastructure Commodities (Mauritius) Ltd will partner with major end users of Infrastructure Commodities.


Infrastructure Marketplace


“Approximately 75% of the

infrastructure that will need to be in

place by 2050 does not exist today”

Market Opportunity in Infrastructure

• From 2015 to 2030, McKinsey estimate global demand for new infrastructure could amount to more than $90 trillion;the value of the world’s existing infrastructure is estimated at $50 trillion.

• It is estimated that historic infrastructure spending of $2.5 trillion to $3 trillion a year is only half the amount needed tomeet the estimated $6 trillion of average annual demand.

• Infrastructure demand by infrastructure class (2015-30):

Transport 29%, Energy 40%, Telecom 7%, and Water and Waste 19%.

• According to the OECD, total global infrastructure requirements will account for 3.5% of global GDP over the next 10-15 years.

• Existing projects such as China’s ‘one belt, one road’ initiative and recently announced government policies in the USand the EU will further increase demand.


Infrastructure Trends

• Rapid urbanisation in emerging economies and expanding urbanisation in mature economies requires governments tobuild new and improve existing infrastructure.

• Infrastructure typically involves high-cost long term investments that are essential to a country’s or business’ economicdevelopment and prosperity.

• Global infrastructure assets provide essential services that allow the global economy to function.

• Infrastructure investments are attractive to investors as there is significant demand, limited supply and stable long termincome.

• The desire to invest in infrastructure as an asset class has never been stronger, with huge amounts of capital availablefrom pension, insurance and sovereign wealth funds.


Global infrastructure transaction activity



Mining Marketplace

”Mined mineral production of

$1.37 trillion per annum”

Production & Reserves of Mined Minerals


1.37

2.31

0

0.5

1

1.5

2

2.5

World Mined MineralProduction

World Oil and GasProduction

83.27

119.50

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

World MinedMineral Reserves

World Oil and GasReserves

$ T

rill

ion

$ T

rill

ion

Mined mineral products amount to $1.37 trillion production per annum and there is currently a total of $83 trillion of mapped mineral reserves (as at end Sept. 2017 prices)

Mined Mineral Wealth and Production by Region


Region Exports US$bn %age Mineral Wealth US$m %ageMineral Production

US$m%age

Asia and the Pacific 5,132.43 34.08 28,992,641.05 34.82 793,932.26 57.85

Europe and Central Eurasia 5,938.13 39.43 20,851,712.03 25.04 161,636.12 11.78

North America, Central America and the

Caribbean2,308.22 15.33 20,815,655.07 25.00 126,933.14 9.25

South America 452.32 3.00 5,780,695.91 6.94 156,237.90 11.38

Middle East 868.77 5.77 335,821.80 0.40 7,679.11 0.56

Africa 358.15 2.38 6,494,889.10 7.80 126,055.04 9.18

TOTAL 15,058.02 100.00 83,271,414.96 100.00 1,372,473.58 100.00

Asia and the Pacific account for 33% of global GDP, 35% of global mineral wealth, and 58% of globalmineral production

Market Value of Top 20 Mining Companies by Commodity


25

4.0

6

11

5.0

8

11

3.5

4

79

.74 1

39

.08

77

.50

5.2

5 47

.93

64

.48

43

5.7

3

19

0.3

0

16

0.6

1

12

4.8

3

14

1.0

8

11

6.0

2

8.0

8 59

.51 99

.61

61

7.2

9

21

8.2

3

25

2.2

2

17

6.8

0

18

7.5

7

14

8.5

0

5.6

6

60

.87

13

5.1

5

60

6.9

5

20

5.0

8

23

7.3

1

17

3.6

6

18

1.1

4

14

7.8

4

5.1

1 56

.71

12

8.4

8

0.00

100.00

200.00

300.00

400.00

500.00

600.00

700.00

Diversified Gold Metals Copper Coal Silver Diamond Potash Specialist

31st December 2015 31st December 2016 31st December 2017 31st March 2018

US$

bn

Note: Some companies duplicated across different commodity sectors.


Summary

“Supplying a

$3.7 trillion industry”

Financial Summary – Projected Income Statements


The projected statement of profit and loss below is based solely upon the Company's 87.22% holdings of subsidiary Infrastructure Commodities Limited and does not

take into account further acquisitions that the Company intend pursuing.

Earnings per share are projected to grow from $0.03 for the 8 months to 30 June 2018 to $0.18 for the year ending 30 June 2021.

Group Statement of Profit or loss and

other comprehensive income

15 Nov 2017 to

30th June 2018

USD

Year Ending

30th June 2019

USD

Year Ending

30th June 2020

USD

Year Ending

30th June 2021

USD

Movement in fair value of investments 13,146,500 56,708,250 72,619,500 76,976,670

Total Revenues 13,146,500 56,708,250 72,619,500 76,976,670

PE Management expenses 935,067 3,987,776 4,447,520 4,852,802

General and administrative expenses 321,750 783,504 926,212 972,520

Total Expenses 1,256,817 4,771,280 5,373,732 5,825,322

Operating Income 11,889,683 51,936,970 67,248,146 71,239,210

Total other expenses (income) 9,104 41,123 -2,378 -87,962

Income tax 0 509,360 1,030,370 1,043,156

Net Income after tax 11,880,579 51,386,487 66,217,776 70,196,154

Attributable to non-controlling interests 1,551,336 6,616,804 8,478,879 8,884,824

Attributable to owners of ICML 10,329,243 44,769,683 57,738,897 61,311,330

Earnings Per Share $0.03 $0.13 $0.17 $0.18

Financial Summary – Projected Balance Sheets


The projected statement of financial position below is based solely upon the Company's 87.22% holdings of subsidiary Infrastructure Commodities Limited and does

not take into account further acquisitions that the Company intend pursuing.

The net asset value per share is projected to grow from $1.03 at 30 June 2018 to $1.28 at 30 June 2021.

Group Statement of Financial Position Year Ending

30th June 2018

USD

Year Ending

30th June 2019

USD

Year Ending

30th June 2020

USD

Year Ending

30th June 2021

USD

Assets

Current assets 569,509 4,989,285 9,235,923 10,759,832

Equity investments 382,791,370 434,499,620 482,519,297 520,242,403

Goodwill 13,333,095 13,333,095 13,333,095 13,333,095

Total Assets 396,694,074 452,822,100 505,088,415 544,335,430

Liabilities

Current Liabilities 1,088,881 19,363,036 38,086,545 38,260,603

Non-current Liabilities 878,397 1,196,674 0 0

Total Liabilities 1,967,278 20,559,710 38,086,545 38,260,603

Shareholders Equity

Share Capital 335,780,417 339,573,303 343,456,868 347,718,881

Other reserves -53,216 -30,814 345,922 1,002,804

Retained Earnings 10,334,608 39,875,029 66,802,894 96,959,359

346,061,809 379,417,518 410,605,684 445,681,044

Non-controlling interests 48,664,987 52,844,872 56,396,186 60,393,783

Total shareholders equity 394,726,796 432,262,390 467,001,870 506,074,827

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY 396,694,074 452,822,100 505,088,415 544,335,430

Net Asset Value Per Share $1.03 $1.12 $1.20 $1.28

Summary


• Infrastructure Commodities (Mauritius) Limited is a private equity investment company that is focusedon acquiring and developing natural resource assets that are needed for the infrastructure industry.

• Infrastructure investment demand is estimated at $3.7 trillion per annum between now and 2030,fuelled by mass urbanisation, population growth and new government initiatives.

• Existing assets all acquired at or around the bottom of the cycle; all benefit from low-cost base and nowrite downs.

• The recent commodity super cycles’ dip provides a unique point in time to benefit as it is projected thatwe are either at the beginning or near the beginning of a 10-year upswing.

• Infrastructure Commodity Limited’s acquisition strategy is to focus on targeted acquisitions ofdevelopers and distributors of natural resources used for Infrastructure, using Mauritius as its regionalheadquarters for targeted expansion within the African continent.

• Long-term outlook for portfolio is extremely positive with significant growth projected from currentvalue.

Exhibit I

Board of Directors

Board of Directors


Sir Bernard Zissman – Non Executive Chairman

Sir Bernard Zissman is Chairman of AQC Consulting Ltd, Cerebrum Private Equity Ltd, Lambton Tailoring and former Chairman of CDI Group Ltd and a Director of Advantage Business Angels, with long

experience in the entrepreneurial SME sector. Served as leading member of Birmingham City Council for thirty years, during which period elected Leader of the Conservative Group, and then Lord Mayor. He led

the teams which developed the world renowned Symphony Hall, and International Convention Centre and the foundation of Birmingham’s successful regeneration. Appointed by Network Rail to chair the design

panel for New Street Station now called Grand Central. Former Chairman of a NHS Hospital Trust, Sir Bernard served for some years as a member of the Council of Birmingham Chamber of Commerce and as

Regional Chairman of The Princess Royal Trust for Carers. He is President of the Representative Council of Birmingham & West Midlands Jewry. Sir Bernard was knighted for public and political services in 1996

and made a Freeman of the City of London.

Christopher Every – Chief Executive Officer

Mr Every is currently the Chief Executive Director of ICL. He has board level experience in both the UK and USA in public and private companies in a wide range of industries including service and manufacturing.

He also has first-hand experience in raising capital in UK and US markets for both public and private companies. Through established business teams, he developed consulting experience in the planning,

promotion and delivery of change strategies. His commercial knowledge has been reinforced with background experience in sales and marketing including a number of start-up businesses and significant

reorganisation of existing business groups. Mr Every holds a Teaching Certificate from the Bedford College of Education.

Shaheen Coowar – Executive Director

Shaheen is the Head Corporate and Private Wealth Services of Safyr Utilis.

Shaheen has more than 13 years of experience in the Global Business sector. After having spent 2 years at KPMG, she joined Kross Border where she worked until 2008, when she joined Turnstone Corporate as

Client Executive. In 2013 Shaheen was promoted as Head of Corporate Services at Ninety East Financials

Shaheen is a holder of a B.A. (Hons) Law and Management Degree, is partly qualified ICSA and is a member of the Mauritius Institute of Directors. She has over 13 years’ experience in the Global Business Sector

in Mauritius where she has gained extensive experience in Company formation, Corporate secretarial, Corporate Structuring, Fund and Trust administration and Client Servicing. She has been director on the Board

of several GBC1, GBC2 and domestic companies.

Yogesh Moheetah – Non Executive Director

Yogesh is the Head of Fund of Safyr Utilis. Prior to joining Safyr Utilis, Mr. Moheetah worked as Corporate Services Manager for the AAMIL Group of Companies, a global financial services provider. Mr. Moheetah

was responsible for leading the operations of AAMIL (Mauritius) Ltd and AAMIL (Seychelles) Ltd and the branch office of AAMIL in Mumbai India. Mr. Moheetah has 10 years’ experience in the administration of

offshore companies in Mauritius and Seychelles. Mr. Moheetah holds a Bsc (Hons) in Management and a Diploma in Business Administration, graduated from the University of Mauritius. Mr. Moheetah is also a

member of the Institute of Chartered Secretaries and Administrators (UK).

David Shasha – Independent, Non-executive Director

David Shasha is a corporate and projects lawyer, who worked for law firms in the City of London for almost 40 years. His experience includes advising on privatisations (acting for governments, bidders and financial

advisers), mergers and acquisitions, international joint ventures and public and private offerings, sectors including mining and natural resources, power, financial institutions and telecommunications, in the UK and

worldwide. He has broad experience across the mining and natural resources and energy sectors. David was head of Energy & Infrastructure Sector at Simmons & Simmons, London. He has particular expertise

in emerging markets, having worked on transactions in many of the countries in Africa, Central and Eastern Europe and South America. Ranked as a leading lawyer in both Chambers and Legal 500.

Exhibit II

Key Infrastructure

Commodities


Iron Ore

Price per tonne 31.03.18: $77.46 2017 Production: 2,400 million tonnes

World Bank Long Term Iron Ore Price Forecast

2014 A 2015 A 2016 A 2017 F 2018 F 2019 F 2020 F

$/mt 97.0 55.9 58.4 70.0 57.0 50.0 50.8

The iron ore price increased by 20.58% in Q1 2018 after previously increasing by over 11% in Q4 2017.

The iron ore price as at the end of Q1 2018 remained almost 60% off of the all-time high achieved as at February 2011.

Historical Iron Ore Prices $/metric tonne

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

180.00

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q42017

Q12018

Iron ore - 2017 production (e)

Country Million metric tonnes

Australia 880

Brazil 440

China 340

India 190

Russia 100

South Africa 68

Ukraine 63

Canada 47

USA 46

Iran 35

Kazakhstan 34

Other countries 137

World Total 2,400


Copper

Price per tonne 31.03.18: $6,719.00 2017 Production: 19,700,000 tonnes

World Bank Long Term Copper Price Forecast

2014 A 2015 A 2016 A 2017 F 2018 F 2019 F 2020 F

$/mt 6,863 5,510 4,868 6,050 6,118 6,187 6,257

The copper price fell by 6.55% in Q1 2018 after previously increasing by 11.46% in Q4 2017.

The copper price as at 31st March 2018 was 34% off of the all-time high achieved as at February 2011.

Historical Copper Prices $/mt

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q42017

Q12018

Country Metric tonnes

Chile 5,330,000

Peru 2,390,000

China 1,860,000

USA 1,270,000

Australia 920,000

Congo (Kinshasa) 850,000

Mexico 755,000

Zambia 755,000

Indonesia 650,000

Canada 620,000

Other countries 4,300,000

World Total 19,700,000

Copper – 2017 production (e)


Steam/Thermal Coal

Price per tonne 31.03.18: $104.71

World Bank Long Term Coal Price Forecast

2014 A 2015 A 2016 A 2017 F 2018 F 2019 F 2020 F

$/mt 70.1 57.5 65.9 85.0 70.0 60.0 55.0

The steam/thermal coal price increased by 8.36% in the first quarter of 2018, after previously increasing by 12.79% in Q4 2017.

The price as at 31st March 2018 remained over 52% off of the all-time high achieved as at July 2008.

Historical Steam Coal Prices $/metric tonne Steam Coal – 2014 production (e)

0

20

40

60

80

100

120

140

200520062007200820092010201120122013201420152016 Q42017

Q12018

Country Million metric tonnes

PR China 3,179.60

USA 769.20

India 569.90

South Africa 250.60

Australia 245.70

Russian Federation 189.50

Kazakhstan 93.50

Colombia 83.50

Poland 61.00

Vietnam 35.80


Zinc


World Bank Long Term Zinc Price Forecast

2014 A 2015 A 2016 A 2017 F 2018 F 2019 F 2020 F

$/mt 2,161 1,932 2,090 2,900 3,000 2,945 2,890

The zinc price increased by 0.64% in the first quarter of 2018 after previously increasing by 5.18% in Q4 2017.

The zinc price as at 31st March 2018 was over 28% off of the all-time high achieved as at November 2006.

Historical Zinc Prices $/metric tonne Zinc – 2017 production (e)

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q42017

Q12018


China 5,100,000

Peru 1,400,000

India 1,300,000

Australia 1,000,000

United States 730,000

Mexico 680,000

Bolivia 500,000

Kazakhstan 360,000

Canada 340,000

Sweden 260,000




Metals and Minerals: Aluminium


World Bank Long Term Aluminium Price Forecast

2014 A 2015 A 2016 A 2017 F 2018 F 2019 F 2020 F

$/mt 1,867 1,665 1,604 1,950 1,968 1,987 2,005

The aluminium price fell by 10.53% in Q1 2018 after previously increasing by 31.34% in the final quarter of 2017.

The aluminium price as at 31st March 2018 was over 38% off of the all-time high achieved as at July 2008.

Historical Aluminium Prices $/metric tonne Aluminium – 2017 production (e)

0

500

1,000

1,500

2,000

2,500

3,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q42017

Q12018


China 32,600,000

Russia 3,600,000

Canada 3,210,000

India 3,200,000

United Arab Emirates 2,600,000

Australia 1,490,000

Norway 1,220,000

Bahrain 960,000

Iceland 870,000

Brazil 800,000

Malaysia 760,000





Lead


World Bank Long Term Lead Price Forecast

2014 A 2015 A 2016 A 2017 F 2018 F 2019 F 2020 F

$/mt 2,095 1,788 1,867 2,300 2,500 2,483 2,465

The lead price fell by 3.60% in Q1 2018 after previously increasing by 1.21% in the final quarter of 2017.

The lead price as at 31st March 2018 was over 39% off of the all-time high achieved as at October 2007.

Historical Lead Prices $/metric tonne Lead – 2017 production (e)

0

500

1,000

1,500

2,000

2,500

3,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q42017

Q12018


China 2,400,000

Australia 450,000

USA 313,000

Peru 300,000

Russia 250,000

Mexico 230,000

India 150,000

Sweden 80,000

Turkey 70,000

Bolivia 70,000

Other countries 390,000



Nickel


World Bank Long Term Nickel Price Forecast

2014 A 2015 A 2016 A 2017 F 2018 F 2019 F 2020 F

$/mt 16,893 11,863 9,595 10,100 10,559 11,039 11,541

The nickel price increased by 7.97% in Q1 2018 after previously increasing by 19.88% in the final quarter of 2017.

The nickel price as at 31st March 2018 remained over 75% off of the all-time high achieved as at May 2007.

Historical Nickel Prices $/metric tonne Nickel – 2017 production (e)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q42017

Q12018


Indonesia 400,000

Philippines 230,000

Canada 210,000

New Caledonia 210,000

Australia 190,000

Russia 180,000

Brazil 140,000

China 98,000

Guatemala 68,000

Cuba 51,000

South Africa 49,000

Colombia 49,000

Madagascar 45,000


Other countries 150,000


Exhibit III

Public Mining and

Infrastructure Companies

Top 20 Public Diversified Mining Companies

The top 20 public diversified mining companies by market value had a combined market value of $606.95 billion as at the end of the first quarter of 2018 and traded at an average PE of 21.15,

as compared to a combined market value of $617.29 billion and an average PE of 19.86 at the end of the previous quarter (end 2017).


Company Name Symbol Price 52W HIGH/LOWAverage Daily

Volume (million)

Shares Outstanding

(million)P/E

Mkt. Cap. (US$

million)

Total Revenue (US$

million)Year End (date)

1 BHP BILLITON LTD. BHP AUD 28.21 32.16/22.06 7.89 5,320.00 17.66 110,759.76 38,285 30/06/2017

2 RIO TINTO PLC RIO 3,611.00p 4189.50/2882.50 4.71 1,740.00 9.93 90,738.28 40,030 31/12/2017

3 GLENCORE PLC GLEN 353.80p 416.91/268.05 51.52 14,420.00 12.04 71,989.54 205,476 31/12/2017

4 VALE DO RIO DOCE VALE3 BRL 42.21 47.60/25.00 16.75 5,280.00 10.84 69,349.35 33,743 31/12/2017

5 ANGLO AMERICAN PLC AAL 1,661.00p 1870.00/950.10 4.98 1,400.00 9.54 32,905.09 26,243 31/12/2017

6 MMC NORILSK NICKEL GMKN RUB 10,760 11,970/7,677 0.11 158.25 13.32 29,410.00 9,286 31/12/2017

7 CHINA MOLYBDENUM CO. LTD. 603993 CNY 8.48 9.80/3.96 75.42 21,600.00 75.42 27,250.78 1,122 31/12/2016

8 GRUPO MEXICO SAB de CV GMEXICOB MXN 60.66 68.69/48.01 7.68 7,790.00 16.21 25,523.86 9,786 31/12/2017

9 FREEPORT-MCMORAN INC. FCX $17.57 20.25/11.05 15.30 1,450.00 18.83 25,480.00 16,403 31/12/2017

10 SAUDI ARABIAN MINING CO. (MA'ADEN) MAADEN SAR 54.76 57.10/39.50 0.78 1,170.00 82.92 17,282.62 3,264 31/12/2017

11 VEDANTA LTD. VEDL INR 277.85 355.70/217.75 12.38 3,720.00 11.37 16,377.00 12,111 31/03/2017

12 TECK RESOURCES LTD. TECK.B CAD 33.18 38.89/19.02 1.78 574.32 7.34 14,756.25 9,328 31/12/2017

13 SOUTH32 LTD. S32 AUD 3.22 3.98/2.47 28.01 5.16 11.36 12,760.20 6,950 30/06/2017

14 ANTOFAGASTA PLC ANTO 921.00p 1071.50/744.40 3.16 985.86 16.96 12,751.95 4,749 31/12/2017

15 SUMITOMO METAL MINING CO. LTD. 5713 JPY 4,480.00 5,562/2,613 1.96 290.81 17.00 12,220.00 7,390 31/03/2017

16 FIRST QUANTUM MINERALS LTD. FM CAD 18.09 22.00/9.69 4.48 689.38 NS 9,662.02 3,310 31/12/2017

17 BOLIDEN AB BOL SEK 292.50 307.90/222.70 1.32 273.51 11.67 9,568.00 5,924 31/12/2017

18 INDUSTRIAS PENOLES SAB de CV OLES* MXN 367.09 500.00/365.89 0.27 397.48 13.40 7,919.18 4,663 31/12/2017

19 KAZ MINERALS PLC KAZ 857.80p 974.20/413.10 2.13 446.84 12.01 5,378.85 1,663 31/12/2017

20 MMG LTD. 1208 HKD 4.79 6.37/2.27 31.40 7,970.00 33.97 4,862.86 4,143 31/12/2017

TOTAL/AVERAGE 21.15 606,945.60 443,869

All data as of 31st March 2018

Top 20 Public Metals Mining Companies

The top 20 public metals mining companies by market value had a combined market value of $237.31 billion as at the end of Q1 2018 and traded on average PE of 24.19, as compared to a

combined market value of $252.22 billion and an average PE of 25.91 as at 31.12.17.

.


Company Name Symbol Price 52W HIGH/LOWAverage Daily Volume

(million)

Shares

Outstanding

(million)

P/EMkt. Cap. (US$

million)

Total Revenue

(US$ million)

Year End

(date)Main Commodity

1 ANGLO AMERICAN PLC AAL 1,661.00p 1870.00/950.10 4.98 1,400.00 9.54 32,905.09 26,243 31/12/2017 Diversified

2 MMC NORILSK NICKEL GMKN RUB 10,760 11,970/7,677 0.11 158.25 13.32 29,410.00 9,286 31/12/2017 Diversified

3 SAUDI ARABIAN MINING CO. (MA'ADEN) MAADEN SAR 54.76 57.10/39.50 0.78 1,170.00 82.92 17,282.62 3,264 31/12/2017 Diversified

4 VEDANTA LTD. VEDL INR 277.85 355.70/217.75 12.38 3,720.00 11.37 16,377.00 12,111 31/03/2017Copper, aluminium, iron

ore

5 TECK RESOURCES LTD. TECK.B CAD 33.18 38.89/19.02 1.78 574.32 7.34 14,756.25 9,328 31/12/2017 Copper, Zinc, Coal

6 FRESNILLO PLC FRES 1,268.50p 1746.00/1150.00 1.05 736.89 23.47 13,187.32 2,093 31/12/2017Platinum & Precious

Metals

7 SOUTH32 LTD. S32 AUD 3.22 3.98/2.47 28.01 5.16 11.36 12,760.20 6,950 30/06/2017 Diversified

8 ANTOFAGASTA PLC ANTO 921.00p 1071.50/744.40 3.16 985.86 16.96 12,751.95 4,749 31/12/2017 Diversified

9 SUMITOMO METAL MINING CO. LTD. 5713 JPY 4,480.00 5,562/2,613 1.96 290.81 17.00 12,220.00 7,390 31/03/2017 Diversified

10 ALUMINIUM CORP. OF CHINA LTD. 601600 CNY 4.73 8.32/4.04 227.41 14,900.00 51.90 10,712.12 29,065 31/12/2017 Aluminium

11 FIRST QUANTUM MINERALS LTD. FM CAD 18.09 22.00/9.69 4.48 689.38 NS 9,662.02 3,310 31/12/2017Gold, Copper, Nickel,

Cobalt

12 BOLIDEN AB BOL SEK 292.50 307.90/222.70 1.32 273.51 11.67 9,568.00 5,924 31/12/2017 Diversified

13 ALCOA CORP. AA $44.96 57.50/29.55 3.02 186.18 35.35 8,370.00 11,652 31/12/2017 Aluminium

14 INDUSTRIAS PENOLES SAB de CV OLES* MXN 367.09 500.00/365.89 0.27 397.48 13.40 7,919.18 4,663 31/12/2017Gold, Silver, Lead, Zinc,

Copper

15 KAZ MINERALS PLC KAZ 857.80p 974.20/413.10 2.13 446.84 12.01 5,378.85 1,663 31/12/2017 Diversified

16 ALUMINA LTD. AWC AUD 2.36 2.60/1.67 16.83 2,880.00 15.31 5,217.64 1 31/12/2017 Aluminium

17 MMG LTD. 1208 HKD 4.79 6.37/2.27 31.40 7,970.00 33.97 4,862.86 4,143 31/12/2017 Diversified

18 LUNDIN MINING CORP. LUN CAD 8.45 10.22/6.62 2.54 728.95 12.89 4,769.07 2,077 31/12/2017 Copper, Nickel, Lead, Zinc

19 SHANDONG NANSHAN ALUMINIUM CO. LTD. 600219 CNY 3.18 4.49/3.00 48.26 9,250.00 18.20 4,733.86 2,755 31/12/2017 Aluminium

20 TONGLING NONFERROUS METALS GROUP CO. LTD. 000630 CNY 2.63 3.40/2.55 31.96 10,530.00 61.65 4,468.36 13,957 31/12/2016 Diversified

TOTAL/AVERAGE 24.19 237,312.39 160,624

Top 20 Public Copper Mining Companies


The top 20 public copper mining companies by market value had a combined market value of $173.66 billion as at the end of Q1 2018 and traded on an average PE of 18.37, as

compared to a combined market value of $176.80 billion and an average PE of 23.68 as at 31.12.17.

Company Name Symbol Price 52W HIGH/LOW

Average Daily

Volume

(million)

Shares Outstanding

(million)P/E

Mkt. Cap. (US$

million)

Total Revenue

(US$ million)Year End (date)

1 SOUTHERN COPPER CORP. SCCO $54.18 56.61/32.63 0.97 773.03 27.66 41,880.00 6,655 31/12/2017

2 GRUPO MEXICO SAB de CV GMEXICOB MXN 60.66 68.69/48.01 7.68 7,790.00 16.21 25,523.86 9,786 31/12/2017

3 FREEPORT-MCMORAN INC. FCX $17.57 20.25/11.05 15.30 1,450.00 18.83 25,480.00 16,403 31/12/2017

4 TECK RESOURCES LTD. TECK.B CAD 33.18 38.89/19.02 1.78 574.32 7.34 14,756.25 9,328 31/12/2017

5 ANTOFAGASTA PLC ANTO 921.00p 1071.50/744.40 3.16 985.86 16.96 12,751.95 4,749 31/12/2017

6 FIRST QUANTUM MINERALS LTD. FM CAD 18.09 22.00/9.69 4.48 689.38 NS 9,662.02 3,310 31/12/2017

7 JIANGXI COPPER CO. LTD. 600362 CNY 17.29 22.87/14.13 29.26 3,460.00 43.79 7,819.83 32,653 31/12/2016

8 TURQUOISE HILL RESOURCES LTD. TRQ CAD 3.94 4.52/3.25 1.75 2,010.00 33.96 6,139.41 940 31/12/2017

9 KAZ MINERALS PLC KAZ 857.80p 974.20/413.10 2.13 446.84 12.01 5,378.85 1,663 31/12/2017

10 KGHM POLSKA MIEDZ SA KGH PLN 86.82 132.25/82.24 0.95 200.00 11.07 5,084.74 5,963 31/12/2017

11 LUNDIN MINING CORP. LUN CAD 8.45 10.22/6.62 2.54 728.95 12.89 4,769.07 2,077 31/12/2017

12 EVOLUTION MINING LTD. EVN AUD 3.03 3.15/2.10 9.11 1,690.00 25.20 3,936.25 1,136 30/06/2017

13 VEDANTA RESOURCES PLC VED 707.20p 981.80/558.50 0.66 272.78 NS 2,710.49 11,520 31/03/2017

14 KATANGA MINING LTD. KAT CAD 1.76 2.83/0.27 0.87 1,910.00 NS 2,593.57 -30 31/12/2016

15 HUDBAY MINERALS INC. HBM CAD 9.12 12.65/6.13 2.16 261.27 10.87 1,842.60 1,363 31/12/2017

16 IVANHOE MINES LTD. IVN CAD 2.72 5.47/2.51 2.41 790.39 11.11 1,664.53 0 31/12/2017

17 CONTINENTAL GOLD INC. CNL CAD 3.54 4.13/2.62 0.19 188.22 NS 516.21 0 31/12/2017

18 PREMIER GOLD MINES LTD. PG CAD 2.82 4.13/2.50 0.38 202.40 25.90 441.89 202 31/12/2017

19 CAPSTONE MINING CORP. CS CAD 1.20 1.62/0.77 0.74 398.75 6.53 369.60 542 31/12/2017

20 ARGONAUT GOLD INC. AR CAD 2.46 2.92/1.76 0.34 177.23 13.56 336.75 155 31/12/2017

TOTAL/AVERAGE 18.37 173,657.87 108,414

Top 20 Public Coal Mining Companies


The top 20 public coal mining companies by market value had a combined market value of $181.14 billion as at the end of Q1 2018 and traded on an average PE of 11.83, as compared

to a combined market value of $187.57 billion and an average PE of 15.17 as at 31.12.17.


Volume (million)

Shares

Outstanding

(million)

P/EMkt. Cap. (US$

million)

Total Revenue

(US$ million)Year End (date)

1 CHINA SHENHUA ENERGY CO. LTD. 601088 CNY 20.86 29.43/18.72 35.35 19,890.00 9.33 64,821.47 40,148 31/12/2017

2 COAL INDIA LTD. COALINDIA INR 283.30 316.95/233.70 4.22 6,210.00 20.82 27,984.00 13,325 31/03/2017

3 SASOL LTD. SOL ZAR 403.23 461.00/350.14 1.76 647.09 13.31 22,091.45 14,603 30/06/2017

4 SHAANXI COAL INDUSTRY CO. LTD. 601225 CNY 7.70 10.83/5.41 69.45 10,000.00 7.79 12,314.82 5,348 31/12/2016

5 CHINA COAL ENERGY CO. LTD. 601898 CNY 5.11 6.95/4.95 11.05 13,260.00 27.52 9,246.61 13,093 31/12/2017

6 YANZHOU COAL MINING CO. LTD. 600188 CNY 13.77 20.64/9.95 32.33 4,910.00 11.35 8,962.54 24,408 31/12/2017

7 YANCOAL AUSTRALIA LTD. YAL AUD 0.15 0.44/0.10 1.10 43,960.00 NS 5,056.51 2,171 31/12/2017

8 INNER MONGOLIA YITAI COAL CO. LTD. 900948 USD 1.34 1.63/0.94 4.92 3,250.00 5.56 4,310.00 5,973 31/12/2017

9 WHITEHAVEN COAL LTD. WHC AUD 4.45 4.98/2.34 4.73 1,030.00 8.82 3,506.56 1,360 30/06/2017

10 BANPU PCL BANPU THB 20.30 24.20/15.30 80.69 5,160.00 14.28 3,363.76 2,877 31/12/2017

11 EXXARO RESOURCES LTD. EXX ZAR 107.46 155.41/75.94 3.19 358.71 13.87 3,311.77 1,932 31/12/2017

12 YANGQUAN COAL INDUSTRY GROUP CO. LTD. 600348 CNY 7.22 9.55/5.96 48.36 2,410.00 11.92 2,814.82 3,018 31/12/2016

13 ALLIANCE RESOURCE PARTNERS LP ARLP $17.65 23.45/17.25 0.32 130.90 5.75 2,310.00 1,796 31/12/2017

14 PINGDINGSHAN TIANAN COAL MINING CO. LTD. 601666 CNY 5.29 8.06/4.62 31.03 2,360.00 7.39 2,007.82 2,375 31/12/2016

15 HENAN DAYOU ENERGY CO. LTD. 600403 CNY 4.63 5.52/4.06 2.17 2,390.00 NS 1,783.47 836 31/12/2016

16 GUIZHOU PANJIANG REFINED COAL CO. LTD. 600395 CNY 6.11 9.15/5.83 8.04 1,660.00 13.27 1,634.98 632 31/12/2016

17 SHANXI COAL INTERNATIONAL ENERGY GROUP CO. LTD. 600546 CNY 4.55 6.54/3.70 8.29 1,980.00 9.10 1,455.83 7,934 31/12/2016

18 DATONG COAL INDUSTRY CO. LTD. 601001 CNY 5.32 8.15/4.57 12.27 1,670.00 15.23 1,434.85 1,193 31/12/2016

19 ANHUI HENGYUAN COAL INDUSTRY CO. LTD. 600971 CNY 8.54 6.57/13.54 17.09 1,000.00 7.76 1,383.20 1,055 31/12/2017

20 SHOUGANG FUSHAN RESOURCES GROUP LTD. 639 HKD 2.00 2.68/1.24 23.08 5,300.00 9.81 1,350.44 442 31/12/2017

TOTAL/AVERAGE 11.83 181,144.88 144,521

Top 20 Public Specialist Mining Companies


The top 20 specialist mining companies by market value had a combined market value of $128.48 billion as at the end of Q1 2018 and an average PE of 32.19, as compared to a

combined market value of $135.15 billion and an average PE of 41.83 as at 31.12.17.


Volume (million)

Shares

Outstanding

(million)

P/EMkt. Cap. (US$

million)

Total Revenue

(US$ million)Year End (date) Main Commodity

1 CHINA MOLYBDENUM CO. LTD. 603993 CNY 8.48 9.80/3.96 75.42 21,600.00 75.42 27,250.78 1,122 31/12/2016 Diversified

2 SOCIEDAD QUIMICA Y MINERA DE CHILE SA SQM $49.15 64.20/32.38 1.23 263.20 30.25 12,910.00 2,157 31/12/2017 Lithium and potassium

3 FRANCO-NEVADA CORP. FNV CAD 87.90 110.18/85.21 0.57 185.93 64.35 12,658.17 675 31/12/2017 Metals streams/royalties

4 FORTESCUE METALS GROUP LTD. FMG AUD 4.33 6.42/4.31 21.82 3,110.00 6.66 10,343.20 8,447 30/06/2017 Iron Ore

5 WHEATON PRECIOUS METALS CORP. WPM CAD 26.25 29.90/23.18 0.99 442.72 NS 9,003.95 843 31/12/2017 Metals streams/royalties

6 KUMBA IRON ORE LTD. KIO ZAR 283.05 414.90/139.01 0.64 322.09 7.33 7,722.10 3,928 31/12/2017 Iron Ore

7 CHINA NORTHERN RARE EARTH GP. HI-TECH CO. 600111 CNY 13.01 20.69/10.57 54.24 3,630.00 NS 7,598.71 825 31/12/2016 Rare Earth Metals

8 NMDC LTD. NMDC INR 118.55 162.70/102.80 6.01 3,160.00 7.38 5,960.12 1,404 31/03/2017 Iron Ore

9 ROYAL GOLD INC. RGLD $85.87 94.39/67.10 0.58 65.46 66.83 5,620.00 441 30/06/2017 Metals streams/royalties

10 XIAMEN TUNGSTEN CO. LTD. 600549 CNY 26.43 38.15/18.01 24.95 1,090.00 48.92 4,614.43 1,376 31/12/2016 Tungsten

11 CAMECO CORP. CCO CAD 11.71 15.89/9.90 1.07 395.79 NS 3,592.29 1,670 31/12/2017 Uranium

12 JINDUICHENG MOLYBDENUM CO. LTD. 601958 CNY 6.86 10.48/6.10 14.34 3,230.00 NS 3,557.26 1,641 31/12/2016 Molybdenum

13 ILUKA RESOURCES LTD. ILU AUD 10.56 11.39/7.26 2.40 418.70 NS 3,391.47 827 31/12/2017 Mineral Sands

14 IAMGOLD CORP. IMG CAD 6.68 8.87/4.89 1.06 466.43 4.86 2,415.50 1,095 31/12/2017 Gold, Rare Earths, Niobium

15 TRONOX LTD. TROX $18.44 28.40/12.88 1.03 121.39 NS 2,240.00 1,698 31/12/2017 Mineral Sands

16CLEVELAND-CLIFFS INC.

(ex. CLIFFS NATURAL RESOURCES)CLF $6.95 9.15/5.56 11.85 297.40 NS 2,070.00 2,330 31/12/2017 Iron Ore

17 US SILICA HOLDINGS INC. SLCA $25.52 50.39/24.15 2.53 80.54 19.10 2,060.00 1,241 31/12/2017 Industrial Minerals

18 COMPASS MINERALS INTER-NATIONAL INC. CMP $60.30 76.65/56.50 0.43 33.83 22.94 2,040.00 1,364 31/12/2017 Mineral Sands

19 SIRIUS MINERALS PLC SXX 30.36p 35.50/20.50 25.06 4,460.00 NS 1,909.98 0 31/12/2017 Diversified

20 OSISKO GOLD ROYALTIES LTD. OR CAD 12.44 17.58/12.00 0.45 157.83 NS 1,517.43 165 31/12/2017 Metals streams/Royalties

TOTAL/AVERAGE 32.19 128,475.38 33,249


Leading Global (Publicly Listed) Infrastructure/Construction Companies

Company Name Symbol ExchangePrice

(23rd April 2018)

52W HIGH/LOWAverage

Volume (mil)SO (mil) PE

Mkt. Cap. (all in millions)

Mkt. Cap. (USD million)

Total Annual Revenues (local

currency million)

Total Annual Revenues (USD

million)

Financial Year End

Vinci SA DG PAR EUR 84.14 88.80/72.77 1.14 591.95 17.22 EUR 50,020.00 61,209 EUR 40,876 50,020 31/12/2017

China State Construction Engineering Corp. Ltd. 601668 SHH CNY 8.21 10.96/8.02 83.16 30,000.00 7.52 CNY 245,700.00 39,558 CNY 1,054,107 169,711 31/12/2017

China Communications Construction Co. Ltd. 601800 SHH CNY 13.14 18.80/12.31 10.66 16,170.00 10.99 CNY 186,200.00 29,978 CNY 482,804 77,731 31/12/2017

China Railway Group Ltd. 601390 SHH CNY 7.30 9.34/7.20 15.94 22,840.00 10.01 CNY 155,450.00 25,027 CNY 693,367 111,632 31/12/2017

Samsung C&T Corp. 028260 KSC KRW 136,000 151,500/120,500 0.51 189.69 35.06 KRW 25,798,000 23,218 KRW 29,279,000 26,351 31/12/2017

Bouygues SA EN PAR EUR 42.76 45.98/36.07 0.60 365.14 14.29 EUR 15,630.00 19,126 EUR 32,904 40,265 31/12/2017

Ferrovial SA FER MCE EUR 17.71 20.81/16.12 1.05 732.27 28.64 EUR 13,000.00 15,908 EUR 12,208 14,939 31/12/2017

Power Construction Corp. of China Ltd. 601669 SHH CNY 6.24 9.00/6.19 8.53 15,300.00 12.64 CNY 95,010.00 15,297 CNY 238,968 38,474 31/12/2016

Technip FMC PLC FTI NYQ USD 32.88 35.00/24.53 3.40 462.50 53.05 USD 15,210.00 15,210 USD 15,057 15,057 31/12/2017

ACS Actividades de Construccion y Servicios SA ACS MCE EUR 34.19 36.75/26.67 0.59 314.66 13.34 EUR 10,790.00 13,204 EUR 34,898 42,705 31/12/2017

Hochtief AG HOTX GER EUR 150.70 174.00/129.20 0.07 64.30 23.06 EUR 9,710.00 11,882 EUR 22,631 27,694 31/12/2017

Eiffage SA FGR PAR EUR 96.14 98.98/74.50 0.24 98.00 17.44 EUR 9,520.00 11,650 EUR 15,263 18,677 31/12/2017

CIMIC Group Ltd. CIM ASX AUD 44.10 52.70/35.77 0.25 324.25 20.44 AUD 14,350.00 10,969 AUD 13,491 10,313 31/12/2017

Fluor Corp. FLR NYQ USD 58.58 62.09/37.04 1.09 139.91 30.90 USD 8,200.00 8,200 USD 19,521 19,521 31/12/2017

Lendlease Group LLC ASX AUD 17.74 18.74/15.11 1.27 582.10 13.41 AUD 10,380.00 7,934 AUD 16,659 12,734 30/06/2017

Skanska AB SKA B STO SEK 161.70 218.30/152.65 1.87 400.15 15.81 SEK 64,420.00 7,595 SEK 157,877 18,614 31/12/2017

JGC Corp. 1963 TYO JPY 2,633.00 2,668/1,658 1.49 259.05 105.66 JPY 661,360.00 5,886 JPY 693,152 6,169 31/03/2017

Hyundai Engineering & Construction Co. Ltd. 000720 KSC KRW 51,100 55,400/33,800 6.08 111.36 29.85 KRW 5,690,000 5,121 KRW 16,887,000 15,198 31/12/2017

Strabag SE STR AV EUR 32.35 38.90/29.50 0.00 110.00 13.26 EUR 3,580.00 4,381 EUR 12,401 15,175 31/12/2016

Saipem SpA SPM MIL EUR 3.35 4.21/2.94 13.09 1,010.00 NS EUR 3,370.00 4,124 EUR 9,017 11,034 31/12/2017

TOTAL/AVERAGE 24.87 335,478 742,014

Notes: Mkt. cap. and all other financial info as of 23rd April 2018 from ft.com and bloomberg.com. Currency conversions as applicable from exchange rate section of yahoo.com on same date.

Large, privately held companies not included in the above grid include Bechtel Corporation (US), Construtora Norberto Odebrecht (Brazil), Kiewit Corp. (US), Laing O'Rourke (UK), Ozturk Holding (Turkey), Consolidated Contractors Co. (Middle East), and

PCL Construction (US).

Documents

“Infrastructure demand of $3 · •From 2015 to 2030, McKinsey estimate global demand for new infrastructure could amount to more than $90 trillion; the value of the world’sexisting