Date: March 24, 2015 Title: STEEL INDUSTRY – – SPOT DYNAMICS CLOSER TO CYCLICAL LOWS, BUT UPSIDE RECOVERY EXPECTATIONS COULD BE TOO OPTIMISTIC

Date: March 24, 2015 Title: ALCOA ACQUIRES TITANIUM SUPPLIER, STUDIES ASSET EXITS AND CHINA RAISES SMELTER OUTPUT 19.9% YTD CAUSING MARKET OVERSUPPLY

Date: March 24, 2015 Title: ALUMINUM INDUSTRY – – 20% GAIN IN CHINESE SMELTER OUTPUT FORCES UP INVENTORY TO CRUSH BOTH LME PRICE AND MIDWEST PREMIUM

Date: March 24, 2015 Title: FREEPORT-McMoRAN INC. MAKES 84% DIVIDEND CUT AS PRECURSOR TO MANY MEASURES TO MAINTAIN INVESTMENT GRADE DEBT RATING