EASTERN RESOURCES LIMITED — Capital/Financing Update 2014

May 1, 2014

5 May 2014

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This is an important document that requires your attention

Dear Shareholder,

Share Purchase Plan – Eligible Shareholders may purchase parcels of fully paid ordinary shares up to a value of $15,000

On behalf of Eastern Iron Limited (“Eastern Iron” or “the Company”), I am pleased to offer you the opportunity to increase your shareholding in Eastern Iron through a Share Purchase Plan (the “SPP”).

As announced on 6 March 2014 and 15 April 2014, Eastern Iron recently completed placements to Harland Capital Fund LLC (“Harland”) which raised $701,400 at an issue price of $0.042 per share (“Placement”). The company has also advised that Harland has an option to subscribe for a further 7,300,000 shares at $0.042 per share on or before 30 June 2014.

This SPP provides shareholders with the opportunity to subscribe for Eastern Iron shares at the same discounted price as the shares issued under the Placement.

The purpose of the Placement and SPP is to raise funds to progress the Nowa Nowa Iron Project to a development-ready stage including completing the Definitive Feasibility Study (DFS) and carrying out studies required as part of the preparation of the Environmental Effects Statement (EES).

Over the past 12 months Eastern Iron has advanced the DFS for the Nowa Nowa Iron Project to the point where estimates of capital and operating costs were released earlier this year as announced to the ASX on 24 January 2014. The completion of the DFS has been delayed due to a requirement to carry out further drilling and complete an updated mine plan. The drilling has now been completed and the mine plan and DFS are expected to be completed by the end of June 2014.

In January 2014, the Victorian Government advised that the Company would be required to complete an EES which is central to the permitting and approval of the project for development, as announced to the ASX on 22 January 2014. Environmental studies required as part of the EES program will be carried out over the next 6 months for an anticipated release of the EES in the final quarter of this year and completed permitting of the project in the first quarter of 2015.

Details of the Nowa Nowa Iron Project are provided in recent ASX announcements which can be accessed on the Company’s website, www.easterniron.com.au.

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The Share Purchase Plan

The amount that each Eligible Shareholder can apply for under the SPP is capped at $15,000.

The SPP is being offered to Australian and New Zealand Shareholders at $0.042 per new fully paid ordinary share (New Shares), being the issue price of fully paid ordinary shares under the Placement (Offer Price). The Offer Price represents:

• a 13.7% discount to the 30 day volume-weighted average price of Eastern Iron’s shares traded on the ASX in the period ending on 28 April 2014, being the record date for the SPP; and

• a 9.5% discount to the average market price of Eastern Iron’s shares over the last five days on which sales in the shares were recorded on the ASX prior to 29 April 2014, being the date on which the SPP was announced.

The offer

The SPP is offered exclusively to all Eligible Shareholders, being registered holders as at 7pm (Sydney time) on Monday 28 April 2014 (Record Date) with a registered address in Australia or New Zealand who meet certain other conditions as set out in the Terms and Conditions.

The SPP provides Eligible Shareholders with an opportunity to buy a parcel of New Shares in Eastern Iron valued at $2,500, $5,000, $7,500, $10,000, $12,500 or $15,000.

The SPP opens today and is expected to close at 5pm (Sydney time) on Monday, 26 May 2014.

Participation in the SPP is entirely voluntary. All New Shares issued under the SPP will rank equally with existing fully paid ordinary shares and will carry the same voting rights and entitlement to receive distributions. No brokerage or transaction costs apply to purchases under the SPP. The issue of New Shares is expected to occur on Friday, 30 May 2014.

How to accept this offer

To apply for New Shares under the SPP, please follow the instructions in the accompanying Terms and Conditions and in the enclosed personalised Application Form.

This letter and its attachments set out the details and Terms and Conditions of the SPP. I encourage you to read the enclosed material and seek your own financial advice in relation to the SPP, before you decide whether to participate.

On behalf of the Board, I invite you to consider participation in the SPP.

Yours sincerely,

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Steve Gemell Chairman

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Key Dates*

Date	Event
7:00pm (Sydney time),	Record Date	The date on which Eastern Iron
Monday, 28 April 2014		determines Eligible Shareholders
Monday, 5 May 2014	Opening Date	SPP opens
5pm on Monday 26 May	Closing Date	SPP closes. Applications must be
2014		received by 5pm (Sydney time)
Friday, 30 May 2014	Allotment Date	New Shares will be issued on this date

• The above dates are indicative only. Eastern Iron has the discretion to alter Key Dates at any time without prior notice, subject to regulatory requirements.

Further assistance

If you have any questions in relation to the SPP please call your broker, accountant or professional adviser. If you require information on how to complete the Application Form please contact the Eastern Iron Shareholder Information line on 1300 737 760.

Foreign Jurisdictions

The SPP does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to any U.S. Person (as defined in Regulation S under the United States Securities Act of 1933, as amended (the US Securities Act). The SPP has been prepared for publication in Australia and New Zealand only and may not be released elsewhere.

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TERMS AND CONDITIONS

IMPORTANT NOTICE: The offer to purchase New Shares under this Share Purchase Plan ( SPP ) is not a recommendation to purchase shares in Eastern Iron. If you are in any doubt about whether or not, or the extent that, you should participate in this SPP, you should obtain professional financial and/or taxation advice to assist you (taking into account your own financial situation, needs and objectives). Nothing in these Terms and Conditions, the Application Form or any other accompanying documentation constitutes investment or financial product advice or is intended to influence your decision whether or not to participate in the SPP.

If you apply to participate in the SPP by making a BPAY[®] payment or completing and returning the Application Form with a cheque or money order, you are accepting the risk that the market price of shares in Eastern Iron may change between the Opening Date, the date on which you send in an Application Form or make a BPAY[®] payment and the Allotment Date. This means it is possible that, up to or after the Allotment Date, you may be able to buy shares in Eastern Iron at a lower price than the Issue Price.

Set out below are the terms and conditions of the Eastern Iron Limited Share Purchase Plan which are binding on any Shareholder completing a Share Purchase Plan Application Form or applying via BPAY®. The Application Form forms part of this document.

Capitalised terms used in these Terms and Conditions are both defined in the body of these Terms and Conditions as well as in clause 16.

1. The SPP

• (a) The SPP is an invitation to Eligible Shareholders by Eastern Iron Limited ( Eastern Iron) to subscribe for fully paid ordinary shares in Eastern Iron ( Eastern Iron Shares ) at the Issue Price (see clause 5 below) per New Share.

• (b) The minimum application amount under the SPP is A$2,500. All applications must be in increments of A$2,500.

• (c) The amount an Eligible Shareholder can apply for will be restricted to a cumulative total of A$15,000.

• (d) The SPP is conducted in accordance with the Corporations Act, ASIC Class Order CO 09/425 and the ASX Listing Rules.

• (e) You are not obliged to accept or otherwise participate in the SPP. Participation in the SPP is optional .

• (f) The SPP is made to each Eligible Shareholder on the same terms and conditions.

• (g) The offer under the SPP is non-renounceable, which means you may not transfer your right to apply for New Shares under the SPP to anyone else.

• (h) The offer of New Shares under the SPP will not be underwritten,

2. Opening and Closing Date of the SPP

The SPP opens on 5 May 2014 and is scheduled to close at 5.00pm (Sydney time) on 26 May 2014. Eastern Iron reserves the right to change the closing date of the SPP. No late applications will be accepted.

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3. Eligible Shareholders

• (a) You are eligible to participate in the SPP ( Eligible Shareholder ) if you were a

• registered holder of fully paid ordinary shares in Eastern Iron at 7.00pm (Sydney time) on 28 April 2014 ( Record Date ) whose address in the security register of Eastern Iron is in Australia or New Zealand, unless:

  • (i) you hold Eastern Iron Shares on behalf of another person who resides outside Australia or New Zealand and do not hold Eastern Iron Shares in any other capacity;

  • (ii) you are in the United States or you are a U.S. Person, or acting for the account or benefit of a U.S. Person; or

  • (iii) you are ineligible to participate in the SPP because of the aggregate limit explained in clause 4 below.

• (b) ( Single Holders ) If you are the only registered holder of Eastern Iron Shares, but you receive more than one offer under the SPP (for example, due to multiple registered holdings), you may only apply for one maximum parcel of New Shares up to the value of A$15,000.

• (c) ( Joint Holders ) If you are recorded with one or more other persons as the joint holder of Eastern Iron Shares, that joint holding is considered to be a single registered holding for the purposes of the SPP and, subject to the conditions of eligibility set out in this clause (a), the joint holders are entitled to participate in the SPP in respect of that single holding only. The certification under clause (a) by one joint holder will be effective in respect of the other joint holder(s). If the same joint holders receive more than one offer under the SPP due to multiple registered holdings, the joint holders may only apply for New Shares up to a maximum of A$15,000.

• (d) ( Custodians, Trustees and Nominees ) If you are a custodian within the definition of 'custodian' in ASIC Class Order CO 09/425 and you are a registered holder of Eastern Iron Shares on behalf of another person ( Beneficiary ) and you apply to acquire New Shares on behalf of the Beneficiary, you must certify in writing to Eastern Iron a number of matters relating to such beneficiaries ( Custodian Certificate ).

If you are a custodian please contact the Security Registry to obtain the form of Custodian Certificate that you are required to submit.

If you are a custodian and you hold shares or interests jointly on behalf of two or more persons, the $15,000 limit applies jointly in relation to those persons as if you hold the shares or interests on behalf of a single person.

If you hold Eastern Iron Shares as a trustee or nominee for another person, but are not a 'custodian' as defined above, you cannot participate for Beneficiaries in the manner described above. In this case, the rules for multiple single holdings (above) apply.

Nominees and other registered holders of Eastern Iron Shares that are acting on behalf of a person in the United States must not (i) send this document or any other document relating to the SPP to any person in the United States or (ii) purport to exercise rights under this offer on behalf of a person in the United States.

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• (e) If you are an Eligible Shareholder, your rights under this offer are personal to you and are non-renounceable, which means you cannot transfer your rights to another person.

4. How much can you invest?

The minimum application amount under the SPP is A$2,500. All applications must be in increments of A$2,500. Applications under the SPP may only be made for the following amounts:

• A$2,500;

• A$5,000;

• A$7,500;

• A$10,000;

• A$12,500; and

• A$15,000.

The offer under the SPP needs to comply with the limit in ASIC Class Order CO 09/425. Under that class order, Eligible Shareholders may only acquire a maximum of A$15,000 worth of Eastern Iron Shares under a security purchase plan in any 12 month period. This means that Eligible Shareholders are not permitted to acquire more than A$15,000 worth of Eastern Iron Shares in aggregate, even if you receive more than one Application Form or hold Eastern Iron Shares in more than one capacity, e.g. if you are both a sole and joint holder of Eastern Iron Shares ( Aggregate SPP Participation ).

5. Issue Price of New Shares under the SPP

• (a) The price per New Shares on offer under the SPP ( Issue Price ) will be A$0.042, being the price per share set for the placements of Eastern Iron Shares announced on 6 March 2014 and 15 April 2014 ( Equity Placement ).

• (b) The current Eastern Iron Share price can be obtained from the ASX website at www.asx.com.au (ASX code: EFE) and is listed in the financial and business section of major daily newspapers circulated in Australia.

• (c) The Issue Price represents:

• (i) a 13.7% discount to the 30 day volume-weighted average price of Eastern Iron’s shares traded on the ASX in the period ending on 28 April 2014, being the record date for the SPP; and

• (ii) a 9.5% discount to the average market price of Eastern Iron’s shares over the last five days on which sales in the shares were recorded on the ASX prior to 29 April 2014, being the date on which the SPP was announced.

• (d) You agree to pay the Issue Price for each New Share.

• (e) You acknowledge that the market price of New Shares may rise or fall between the date of this SPP and the date that New Shares are allotted to you under the SPP ( Allotment Date ) and that the effect of this is that the Issue Price you pay for the New Shares may exceed the market price of Eastern Iron Shares on the Allotment Date.

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6. Applying for New Shares

• (a) Eligible Shareholders may apply to purchase a parcel of New Shares above a minimum of A$2,500 and only in increments of A$2,500, up to a maximum of A$15,000. If you are an Eligible Shareholder and wish to participate in the SPP, you must follow the instructions on the SPP Application Form ( Application Form ) and:

• (i) make payment by BPAY® equivalent to the value of the parcel of New Shares you wish to apply for, using the information provided on the application form; or

• (ii) complete the Application Form and provide a cheque or money order made payable to "Eastern Iron Limited SPP Account",

so that it is received by the Security Registry by 5.00pm (Sydney time) on the Closing Date. Payments must be denominated in Australian dollars.

• (b) If you apply for New Shares under the SPP, you will apply for a certain value, rather than a certain number, of New Shares. Subject to clause (c), Eastern Iron will divide the parcel value you select by the Issue Price in order to determine the number of New Shares for which you have applied (rounded down to the nearest whole number of New Shares). Any balance of monies sent by you that is remaining as a result of rounding will be refunded to you except where the amount is less than A$2.00 (or an amount advised by Eastern Iron).

• (c) Eligible Shareholders who receive more than one offer under the SPP (for example, because they hold Eastern Iron Shares in more than one capacity) may apply on different Application Forms for New Shares but may not apply for New Shares with an aggregate value of more than A$15,000.

• (d) Eastern Iron may accept or reject your application for New Shares, either in whole or in part, at its absolute discretion. For example, Eastern Iron may reject your application in any of the following circumstances (among others):

• (i) it appears that you are applying to purchase a number of New Shares that will mean that your Aggregate SPP Participation will exceed A$15,000;

• (ii) the application is for less than $A2,500 worth of New Shares;

• (iii) your Application Form is incorrectly completed, incomplete or otherwise determined by Eastern Iron to be invalid;

• (iv) your cheque is dishonoured or the cheque or money order that you enclose with your Application Form is not made out for the amount corresponding to the value of the parcel of New Shares for which you have applied;

• (v) your Application Form or BPAY® payment is received after the Closing Date. Late or otherwise incomplete or invalid payments will be refunded to you; or

• (vi) Eastern Iron believes you are not an Eligible Shareholder (subject to compliance with any applicable Australian Securities and Investments Commission ( ASIC ) or ASX requirements).

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7. Risk

Subscription for New Shares under the SPP is a speculative investment and the market price may change between the date you apply for New Shares and the issue of New Shares to you. Accordingly, the value of New Shares applied for is likely to rise or fall. Importantly, there is a risk that during the period between when you apply for New Shares and when the New Shares are issued to you, the price at which Eastern Iron Shares are traded on the ASX may be less than the Issue Price payable under this SPP.

This document is not a prospectus or product disclosure statement, and has not been lodged with ASIC. The issue of a prospectus or product disclosure statement is not required for the purposes of the SPP. This document does not contain the types of disclosure required to be contained in a prospectus or product disclosure statement. You must rely on your own knowledge of Eastern Iron, previous disclosures made by Eastern Iron to the ASX (including disclosure regarding the risks of making an investment in Eastern Iron) and, if necessary, consult your professional adviser when deciding whether or not to participate in the SPP.

8. Timetable

• (a) Subject to clause (b):

• ( Record Date ) the record date for the offer is 7.00pm (Sydney time) on 28 April 2014;

• ( Opening Date ) the offer opens on 5 May 2014

• ( Closing Date ) the offer closes at 5.00pm (Sydney time) on 26 May 2014

• ( SPP Results Announcement ) the number of New Shares to be issued will be announced to the ASX shortly after the Closing Date;

• ( Allotment Date ) Eastern Iron proposes to allot the New Shares on 30 May 2014;

• ( Despatch Date ) the date on which transaction confirmations are sent to security holders and, if applicable, a direct credit deposit to your nominated account is made or refund cheque is dispatched, is expected to be 2 June 2014; and

• ( Trading Date ) the New Shares are expected to commence trading on 4 June 2014

• (b) Eastern Iron may vary any of the above dates in clause (a) at its discretion (even if the offer has opened, or BPAY® or Application Forms have been received) by lodging a revised timetable with ASX.

9. Effect of Making an Application

• (i) If you submit a BPAY® payment or complete and return an Application Form together with a cheque or money order:

• (i) you acknowledge that you are an Eligible Shareholder;

• (ii) you irrevocably and unconditionally agree to these Terms and Conditions and the terms of the Application Form and agree not to do any act or thing that would be

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contrary to the spirit, intention or purpose of the SPP or these Terms and Conditions;

• (iii) you acknowledge your application is irrevocable, unconditional and cannot be withdrawn once returned;

• (iv) you certify that the total of the application price for the following does not exceed A$15,000:

• (A) New Shares under the SPP the subject of your application;

• (B) any other New Shares or interests under the SPP or any Eastern Iron Shares or interests in the class of shares issued that you acquired under any similar arrangement in the 12 months before the date of your application;

• (C) any other New Shares or interests in the class of shares issued which you have instructed a custodian to acquire on your behalf under the SPP; and

• (D) any other Eastern Iron Shares or interests in the class of shares issued to a custodian under an arrangement similar to the SPP in the 12 months before the date of your application as a result of an instruction given by you to the custodian or another custodian and which resulted in you holding beneficial interests in the shares or interests in the class,

• even though you may have received more than one offer under the SPP or received offers in more than one capacity under the SPP;

• (v) if you are a custodian, you make additional representations that you either:

• (A) hold an Australian financial services licence that:

  • (1) covers the provision of a custodial or depository service (as defined by section 766E of the Corporations Act 2001 (Cth) ( Corporations Act )); or

  • (2) includes a condition requiring you to comply with the requirements of ASIC Class Order CO 02/294; or

• (B) are exempt from the requirement to hold an Australian financial services licence for the provision of a custodial or depository service under:

  • (1) paragraph 7.6.01(1)(k) of the Corporations Regulations 2001 (Cth) ( Regulations );

  • (2) paragraph 7.6.01(1)(na) of the Regulations;

  • (3) ASIC Class Order CO 05/1270 to the extent that it relates to ASIC Class Order CO 03/184;

  • (4) ASIC Class Orders CO 03/1099, CO 03/1100, CO 03/1101, CO 3/1102, CO 04/829 or CO 04/1313;

  • (5) an individual instrument of relief granted by ASIC in terms similar to one of the Class Orders referred to in clause 0 above; or

  • (6) paragraph 911A(2)(h) of the Corporations Act; or

• (C) are otherwise a custodian as defined in Class Order CO 09/425, and that you have provided a Custodian Certificate to Eastern Iron;

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• (vi) you authorise Eastern Iron to correct minor errors in your Application Form and to complete the Application Form by inserting any missing minor detail;

• (vii) you acknowledge that Eastern Iron may determine that your Application Form is valid, in accordance with these Terms and Conditions, even if the Application Form is incomplete, contains errors or is otherwise defective;

• (viii) you accept the risk associated with any refund that may be sent to your address or to your nominated bank account as shown on the Eastern Iron security register;

• (ix) you are responsible for any dishonour fees or other costs Eastern Iron may incur in presenting a cheque for payment that is dishonoured;

• (x) you acknowledge that no interest will be paid on any application monies paid in connection with this SPP and that are held pending the allotment of the New Shares or subsequently refunded to you for any reason;

• (xi) you acknowledge that you have not been provided with investment advice or financial product advice by Eastern Iron or the Security Registry and that neither of them has any obligation to provide this advice in relation to your consideration as to whether or not to participate in, or the extent of such participation in, the SPP;

• (xii) you acknowledge that Eastern Iron is not liable for any exercise of its discretions referred to in these Terms and Conditions;

• (xiii) you acknowledge that the New Shares have not, and will not be, registered under the US Securities Act or the securities law of any other jurisdiction outside Australia and, accordingly, the New Shares may not be offered, sold or otherwise transferred except in accordance with an available exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and any other applicable securities laws;

• (xiv) you represent and warrant that you are not a US Person, and are not applying under the Offer for or on behalf of a US Person;

• (xv) you agree not to send any materials relating to the Offer to any person in the United States or to any person who is acting for the account or benefit of a US Person; and

• (xvi) if you are a Custodian, you make additional representations that you meet the definition of “custodian” in the Class Order and have provided a Custodian Certificate to Eastern Iron.

10. Waiver, Amendment, Suspension and Withdrawal

Eastern Iron may, at its discretion, waive compliance with any provision of these Terms and Conditions, amend or vary these Terms and Conditions or suspend or withdraw the offer made under this SPP at any time and in its absolute discretion. Any such waiver, amendment, variation, suspension or withdrawal will be binding on all Eligible Shareholders even where

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Eastern Iron does not give notice of the event. However, the rights of any Eligible Shareholder in connection with any New Shares that have been duly issued and allotted to that person prior to the occurrence of any such waiver, amendment, variation, suspension or withdrawal will not be affected as a result of any such occurrence.

Eastern Iron is not liable for any loss, cost, expense, liability or damage arising out of exercise of any of its discretions under these Terms and Conditions.

If you have any questions in respect of the SPP, please contact the Eastern Iron Shareholder Information line on 1300 737 760.

11. Rights Attaching

The rights and obligations of the New Shares are contained in the Eastern Iron Constitution. The New Shares will be issued on the same terms as all other Eastern Iron Shares and Eastern Iron will apply for the New Shares proposed to be issued under the SPP to be quoted on the ASX. If the New Shares are not quoted on the ASX, the New Shares will not be issued and all application monies will be refunded.

12. Costs of Participation

No brokerage costs will be payable by Eligible Shareholders in respect of the application for, and allotment of, New Shares under the SPP.

13. Privacy

By receiving completed Application Forms, Eastern Iron collects personal information about Shareholders. Eastern Iron will use this information for the purposes of processing the Application Form and updating the records of Eastern Iron. To the extent restricted by law, Eastern Iron will not disclose personal information about a Shareholder to a third party. To the extent permitted by law, Shareholders are able to access, upon request, personal information about them held by Eastern Iron.

14. Dispute Resolution

Eastern Iron may settle in any manner it thinks fit, any difficulties, anomalies or disputes that may arise in connection with or by reason of the operation of the SPP. The decision of Eastern Iron will be conclusive and binding on all participants and other persons to whom the determination relates. Eastern Iron's rights may be exercised by the Board or any delegate of the Board.

15. Governing Law

These Terms and Conditions are governed by the laws in force in New South Wales. Any dispute arising out of or in connection with these Terms and Conditions, or the offer of New

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Shares, will be determined by the courts of New South Wales. By accepting this offer, you agree to submit to the exclusive jurisdiction of the courts in New South Wales.

16. Definitions

Aggregate SPP Participation has the meaning set out in clause 4.

Allotment Date means the date upon which New Shares will be allotted under the SPP.

Application Form means the SPP Application Form, a copy of which is enclosed with this document.

ASX means ASX Limited and the prescribed market known as the Australian Securities Exchange.

Beneficiary means a person on whose behalf a custodian within the meaning of ASIC Class Order CO 09/425 holds registered Eastern Iron Shares.

Board means the board of directors of Eastern Iron.

Closing Date means 5.00pm (Sydney time) on 26 May 2014.

Corporations Act means Corporations Act 2001 (Cth).

Custodian Certificate means the certificate to be provided by custodians within the meaning of ASIC Class Order CO 09/425.

Eligible Shareholder means a Shareholder eligible to participate in the SPP in accordance with clause 3.

Equity Placement means the placements of Eastern Iron Shares to Harland Capital Fund LLC as announced to the ASX on 6 March 2014 and 15 April 2014.

Issue Price means $0.042 per New Share.

Eastern Iron means Eastern Iron Limited (ACN 126 678 037).

Eastern Iron Constitution means the constitution of Eastern Iron.

Eastern Iron Share means a fully paid ordinary share in Eastern Iron.

New Shares means a fully paid ordinary share issued in accordance with this SPP.

Opening Date means 5 May 2014.

Record Date means 7.00pm (Sydney time) on 28 April 2014.

Regulations means the Corporations Regulations 2001 (Cth).

Shareholder means the registered holder of an Eastern Iron Share.

Security Registry means Boardroom Pty Limited.

SPP means this Security Purchase Plan.

U.S. Person means “U.S. person” as defined in Rule 902(k) under the U.S. Securities Act.

US Securities Act means the United States Securities Act of 1933, as amended.

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Share Purchase Plan - Application Form

ABN 70 126 678 037

Name & address Name & address Name & address Name & address Name & address Name & address

Record Date:	7.00 pm (Sydney time) 28 April 2014
Close Date:	5.00pm (Sydney time) 26 May 2014
Issue Price	A$0.042

Barcode

A Offer Choice

Indicate your choice below by marking one box only

Offer A Offer B Offer C $2,500.00 A$5,000.00 A$7,500.00  59,523 Shares  119,047 Shares  178,571 Shares Offer D Offer E Offer F A$10,000.00 A$12,500.00 A$15,000.00  238,095 Shares  297,619 Shares  357,142 Shares

B Payment Details

Payment may only be made by BPAY or cheque. Cash will not be accepted via the mail or at the Eastern Iron Limited Share Registry.

Payments cannot be made at any bank.

Payment Option 1 - BPAY

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Biller Code: Ref:

Telephone & Internet Banking - BPAY®

Contact your bank, credit union or building society to make this payment from your cheque or savings account. More info: www.bpay.com.au ® Registered to BPAY Ltd ABN 69 079 137 518

• To pay via BPAY please contact your participating financial institution

• If paying by BPAY you do not need to return the Application Form

• If paying by BPAY the amount of your payment received in the account divided by the issue price will be deemed to be the total number of shares you are applying for. For your application to be valid you can only make payment for one of the amounts specified above in section A.

Payment Option 2 - Cheque

Record cheque details below

Drawer	Cheque **Number **	BSB **Number **	Account No.	Amount A$

• Only cheques or bank drafts in Australian dollars and drawn on a bank or financial institution in Australia will be accepted.

• Your cheque or bank draft must be made payable to Eastern Iron Limited SPP Account and crossed Not Negotiable.

• Please ensure that you submit the correct amount. Incorrect payments may result in your application being rejected.

C Contact Details

Please provide a telephone number and contact name in case we need to contact you regarding your application.

Home telephone number Work telephone number Contact name

D Declarations and Acknowledgments

By lodging this form with your cheque or by making a BPAY payment you acknowledge and confirm that you have read, understood and agreed to the terms and conditions of the Easter Iron Limited Share Purchase Plan (SPP), details of which are contained in the SPP Booklet dated 5 May 2014. Eastern Iron Limited may settle in any manner it deems appropriate, any dispute or anomalies which may arise in connection with or by reason of the operation of the SPP, whether generally or in relation to any applicant or application of shares. The decision of Eastern Iron Limited will be conclusive and binding on all persons to whom the determination relates. Eastern Iron Limited reserves the right to waive compliance with any provision of the SPP terms and conditions. The Directors reserve the right to withdraw the offer of shares under the SPP, or reduce the amount of shares that may be subscribed for under the SPP in any manner, at any time prior to allotment. Any excess application moneys will be refunded. No interest will be paid on any refunded application money.

NO SIGNATURE IS REQUIRED ON THIS FORM

THIS OFFER IS NON-RENOUNCEABLE

Application Forms and cheques must be received no later than 5.00 pm (Sydney time) on 26 May 2014 at:

MAILING ADDRESS DELIVERY ADDRESS Boardroom Pty Limited Boardroom Pty Limited GPO Box 3993 Level 7 SYDNEY NSW 2001 207 Kent Street SYDNEY NSW 2000

You should allow sufficient time for this to occur. The postal acceptance rule does not apply to the SPP.