PRICING NOTICE: Proposed changes to publication times of Metal Bulletin Iron Ore Index

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The two following changes are proposed:

1. Publication of the iron ore indices to be moved to 19:00 Singapore time all year round.

2. Publication of the indices will not take place on Singaporean National Holidays. Currently the indices are published on all week days regardless of national holidays. This proposal would result in the daily indices not being published on the following days in 2014:

• 1 January
• 31 January
• 18 April
• 1 May
• 13 May
• 28 July
• 8 August
• 6 October
• 23 October
• 25 December

Where non-publishing holidays occur on a Friday, the weekly indices will be published on the preceding working day and will reflect price data from that week’s working days.

The iron ore spot market is constantly developing. As such Metal Bulletin reviews its methodology and specifications on a regular basis to ensure that they remain as relevant and representative of the market as possible.

Metal Bulletin proposes to implement these changes on January 1, 2014.

To provide feedback on these proposed changes please contact the Metal Bulletin index team by Friday December 20, 12:00 London time.

mbioi@metalbulletin.com