FORTESCUE METALS (FSUMF US $5.91; NEUTRAL; price target remains at $9/share) ALTERNATE SCENARIO ANALYZING THE CONSEQUENCES OF PRODUCTION NOT EXPANDING BEYOND 155MTPA and LONG TERM IRON ORE PRICES RISING to $90/tonne 4/27/2012

FORTESCUE METALS (FSUMF US $5.91; NEUTRAL; price target remains at
$9/share) ALTERNATE SCENARIO ANALYZING THE CONSEQUENCES OF
PRODUCTION NOT EXPANDING BEYOND 155MTPA and LONG TERM IRON
ORE PRICES RISING to $90/tonne 4/27/2012