IRC Limited — Interim / Quarterly Report 2014

Oct 16, 2014

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. The information set out below in this announcement is provided for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for shares in the Company.

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(Incorporated in Hong Kong with limited liability) (Stock code: 1029)

THIRD QUARTER TRADING UPDATE FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2014

The Board of Directors of IRC Limited (“IRC” or the “Company”, together with its subsidiaries, the “Group”) is pleased to provide the Third Quarter Trading Update for the three months ended 30 September 2014.

By Order of the Board G. JAY HAMBRO Executive Chairman

Hong Kong, People’s Republic of China Thursday, 16 October 2014

As at the date of this announcement, the Executive Directors of the Company are Mr G. Jay Hambro, Mr Yury Makarov, and Mr Raymond Kar Tung Woo. The Non-Executive Directors are Mr Cai Sui Xin, Mr Liu Qingchun and Mr Simon Murray, CBE, Chevalier de la Légion d’Honneur. The Independent Non-Executive Directors are Mr Daniel Bradshaw, Mr Chuang-Fei Li and Mr Jonathan Martin Smith.

CONFERENCE CALL

A conference call will be held today at 09h00 Hong Kong time to discuss the third quarter trading update. The number is +852 2112 1700 and the passcode is 1230016#. Presentation slides to accompany the call are available at ircgroup.com.hk. A replay call will be available from 17 October 2014 at www.ircgroup.com.hk/html/ir_call.php.

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K&S
83%
Complete
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THIRD QUARTER TRADING UPDATE

FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2014

IRC is pleased to announce firm quarterly production exceeding annualised targets at the Kuranakh Mine, and ongoing progress at the new K&S Mine.

At Kuranakh 252,974 tonnes of iron ore concentrate and 45,657 tonnes of ilmenite were produced during the third quarter, resulting in 84% of the 900,000 tonnes annual iron ore target and 83% of the 160,000 tonnes annual ilmenite target.

As winter arrives in the Russian Far East, construction activities at K&S are turning to focus on the installation and testing of equipment inside the processing plant. This follows a period of excellent progress over the summer that saw completion of all the ore stockpiles needed for commissioning, in addition to the bulk of the ancillary infrastructure needed to support the operations. The principal contractor guides IRC that development remains on track to commence commissioning at the end of 2014 and has agreed to a settlement of US$19.5 million for the delays. The commissioning process will take time to complete, and production will ramp-up in 2015. Consequently, as published in the interim report in August 2014, IRC reiterates its production guidance of 2 million tonnes of concentrate in 2015, rising to 3.2 million tonnes per annum thereafter. The project is currently estimated to be 83% complete.

IRC recently announced the signing of an agreement for the sale of it’s Amur River Bridge subsidiary, LLC Rubicon, to state development funds. A project of significant international stature, the bridge is best progressed by the purchasers. When complete, IRC will enjoy access for all of its new production from K&S, providing a shorter and lower cost route to customers in China, who will enjoy the working capital benefits of frequent deliveries and lower domestic rail transportation costs.

Discussions are ongoing with IRC’s strategic partners General Nice and Minmetals Cheerglory regarding their IRC subscriptions. General Nice has completed over 80% of its investment with approximately US$170 million cash invested so far, and has informed IRC that they remain committed to injecting the remaining US$38 million. Minmetals Cheerglory has also informed IRC that they remain committed to completing the transaction with the US$30 million cash investment and working with IRC.

GROUP HIGHLIGHTS

• Third quarter production exceeds annualised target; Kuranakh cost cutting and strategic review ongoing

• K&S project 83% complete

• Sale of Amur/Heilongjiang River Bridge to progress construction and transport cost savings announced

• General Nice and Minmetals Cheerglory investment commitment re-affirmed

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YTD End YTD End
Q3 2013 Q3 2014 Change Sept 2013 Sept 2014 Change
Iron Ore (62.5% Fe) Production (tonnes) 248,529 252,974 +2% 767,428 756,845 –1%
Sales (tonnes) 233,102 272,817 +17% 781,952 789,873 +1%
Average Price (US$/t) 110 83 –25% 119 98 –18%
Ilmenite (48% TiO2) Production (tonnes) 33,626 45,657 +36% 112,714 132,350 +17%
Sales (tonnes) 35,224 46,196 +31% 113,560 115,396 +2%
Average Price (US$/t) 189 N/A N/A 230 N/A N/A
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* The quarterly ilmenite ASP is not disclosed for commercial reasons

IRC THIRD QUARTER 2014 TRADING UPDATE

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Commenting on the Third Quarter performance, Jay Hambro, Executive Chairman of IRC, said “Iron ore markets and the mining sector as a whole experienced strong volatility during the quarter and sentiment for the product and its producers is equally variable.

IRC continues to see strong demand for our product and we are focussed on increasing product quality and lowering costs. The Kuranakh Mine remains under stress from the low prices but our cost cutting programme is generating results and the strategic review has developed a number of scenarios for us to analyse further in our efforts to ensure the ongoing viability of the operation.

I was at K&S this weekend and I am encouraged by the progress. With mining complete, ancillary infrastructure nearing completion and the various plant installations are advancing well, our team and contractors should be proud of the progress made in recent months. Our contractors have agreed to commence commissioning at the end of the year and recompense us for delays to date, with additional penalties should the timetable slip further. Even though iron ore prices have fallen, because K&S is a low-cost operation producing a high-quality product, we expect to generate substantial positive margins.

On other fronts this quarter, we announced the sale of our Amur River bridge project. We believe the sale to State funds is the most logical way for the project to be constructed. When operational, the bridge will cut the distance from K&S to the Chinese border to 250 kilometres, further enhancing our credentials as a supplier of choice to north-eastern China, and boosting available margins.”

MARKETING, SALES AND PRICES

Iron Ore

Despite solid demand for iron ore in China during the third quarter, the price fell sharply. The benchmark price opened the quarter at US$94.2 per tonne and fell almost 18% to US$77.7 per tonne at the end of September.

The two main reasons for the fall in price are significant new supply, mostly from Australia and the more limited availability of capital in China which has forced the downstream iron ore and steel sectors to hold limited raw and finished material inventories. Market commentators suggest however, that prices may have bottomed, pointing to statistics that suggest exports from Australia declined in September from a peak in August and credit markets show some early signs of improvement. Furthermore, the seasonal restock ahead of winter should commence soon boosting demand for iron ore. This is currently evidenced with a marginal contango in the forward price of iron ore.

Due to its unique location on the Sino-Russian border and the supply advantages this provides, IRC, sold all of the iron ore that it produced. Offtake arrangements are already in place for K&S.

The benchmark iron ore price for delivery to China averaged just US$91 per tonne, about 12% lower than the second quarter 2014 and 31% lower than the third quarter 2013. Sales for IRC iron ore concentrate from the Kuranakh Mine are secured under a long-term offtake agreement and prices are calculated on the INCOTERM “DAP” (Delivered at Place) basis. During the quarter, the average achieved selling price for iron ore was US$83 per tonne, a 14% decrease compared to US$97 per tonne in the previous quarter and a 25% decrease compared to the US$110 per tonne in the third quarter 2013. The price formula is based on averages for preceding periods and therefore lags the spot price.

Sales volumes for the third quarter 2014 were good with all production and some inventories being sold. A total 272,817 tonnes of iron ore was sold, a 17% increase compared to the same period last year.

IRC THIRD QUARTER 2014 TRADING UPDATE

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Ilmenite

Chinese demand for ilmenite concentrate continued to be weak during the third quarter. Whilst an increasing number of titanium dioxide producers and trading companies expressed interest in IRC ilmenite, due to the high quality of the product, oversupply continued to keep prices low.

At the beginning of 2014, IRC started a programme of Chinese domestic ilmenite sales from Chinese ports aiming to increase its profit margin. During the first half, material was shipped to Qingdao, Zhenjiang and Ningbo ports, and from warehouse space there, material is now available for sale, considerably reducing the delivery time for IRC’s customers. In the second quarter, the new sales strategy took a further step as IRC commenced selling ilmenite from warehouse space from Nakhodka Port on the Russia Pacific coast. This new option has lower warehouse costs for IRC than Chinese ports and provides customers in North East Asia, for example Japan, and beyond shorter delivery times than from the Kuranakh Mine. Consequently, IRC can now offer customers a range of delivery options (and prices) for material from the Kuranakh Mine, Russian port or Chinese ports.

During the quarter, ilmenite sales totalled 46,196 tonnes; in addition to the readiness of material for sale from Qingdao and Zhenjiang. The reduction in ilmenite sales, noted in the first half, is primarily due to concentrates in transit to IRC warehouses at Chinese ports as part of the new ilmenite sales strategy.

Despite some early signs of an improvement in demand for ilmenite noted at the end of the first half, the price for ilmenite concentrate (a titanium dioxide product) remained relatively low compared to the strong prices seen in 2012 and 2013, though it has held above 2011 prices. The market for ilmenite is relatively small and whilst IRC has disclosed its quarterly achieved selling price in the past, IRC’s customers have requested that such frequent disclosure be reduced. Consequently, IRC now only discloses the average achieved selling price every six months, for the first half of 2014 it was US$159 per tonne, compared to US$250 per tonne for the first half 2013. In general terms, ilmenite prices were reported to have deteriorated into the third quarter of 2014.

Average Monthly Tianjin Iron Ore Spot Price October 2013 to September 2014 (US$/t)

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Source: Bloomberg

Note: This is a generic China 62% Fe CFR market price for iron ore and not the actual price achieved by IRC.

IRC THIRD QUARTER 2014 TRADING UPDATE

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IRC together with General Nice and Minmetals Cheerglory have entered into a conditional 15-year offtake arrangement covering production from K&S, Garinskoye and future projects. IRC has full discretion to sell by either a dry-port or a seaborne arrangement. The Dry-Port Arrangement will incur a 5% marketing fee on sales revenue payable to the Chinese strategic investors and subject to a 65% cap, i.e. sending 100% of material to the dry-port incurs a 3.25% fee. Alternatively, IRC may choose to sell its products via the seaborne market with a guaranteed take-or-pay off-take arrangement thereby providing flexibility and a guaranteed revenue stream if it is considered preferable to sell its concentrates via the seaborne market. Using this option, concentrate would be sold at the then prevailing Platts CFR China price subject to a 7% discount.

During the quarter the Rouble weakened, losing 15% versus the US Dollar. Opening at 34.3 and closing at 39.4 to the dollar, the Rouble averaged 36.2 to the dollar for the quarter. There was an increase in volatility too. The weakness originated due to geo-political uncertainty in the Ukraine and Crimea, and worsened following sanctions. Lately, the Russian Central Bank has intervened and there are plans to improve money supply in the final quarter of 2014. As a commodity producer, IRC has benefited from a weaker Rouble, however, a strong dollar has had a negative impact on commodity prices and it should also be noted that Russian inflation is approximately 7% at present. There has been no impact to IRC’s operations due to international sanctions against Russia.

Rouble to US Dollar October 2013 to September 2014

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Source: Bloomberg

IRC THIRD QUARTER 2014 TRADING UPDATE

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OPERATIONS

Kuranakh (100% owned)

Kuranakh is located in the north-east Tynda District of the Amur Region of the Russian Far East and comprises both the original Saikta open pit and the more recently established Kuranakh open pit processing facilities and an onsite railway spur connecting to the BAM and Trans-Siberian Railways. The Kuranakh Mine is the largest regional employer, bringing a much needed boost to the local economy through fiscal contributions and stakeholder and biodiversity conservation programmes. Currently approximately 1,000 people are employed at Kuranakh.

Kuranakh Mine Strategic Review

The iron ore price has fallen from US$135 per tonne at the start of the year to below US$85 per tonne in early October. Furthermore, the ilmenite price also fell over the same period, though not as much in percentage terms as iron ore.

The severe cost cutting and strategic review process are both ongoing and IRC expects to announce its conclusions shortly. Over the last quarter, IRC has examined all the internal processes at Kuranakh, from mining, processing and logistics and including all ancillary services, in some instances with the help of external consultants. Some opportunities to further optimise working practices and save costs have been found and will be implemented. Meanwhile, discussions with local and national authorities are ongoing with regard to fiscal and rail charges and the Company remains hopeful that some additional savings could be realised in these areas.

Management are hopeful that the cost savings that have been found could justify continuing operations for the time being. Nevertheless, stakeholders are once again advised that a temporary closure of the Kuranakh Mine is a real possibility unless cost savings can be implemented or the market prices for iron ore or ilmenite improve. In the event that the Kuranakh Mine is closed, a limited number of personnel could be relocated to the new K&S operation where production will soon commence. In the event of a shutdown, the processing and sale of inventories, with the sale of equipment, could generate sufficient funds to pay down the working capital facilities.

Production and Financials

During 2014 operations at Kuranakh have performed well. For the third quarter of 2014 production was 252,974 tonnes of iron ore and 45,657 tonnes of ilmenite concentrate, resulting in production year-to-date 756,845 tonnes of iron ore and 132,350 tonnes of ilmenite concentrate, 84% and 83% of the respective annual targets.

Mining works were conducted in accordance with the revised mining plan, keeping the grades and consequently production yields on a stable level.

Production for the quarter was 910,412 tonnes of ore removed, 18% less than the 1,115,865 tonnes removed in third quarter 2013.

The Crushing and Screening Plant processed 640,790 tonnes of iron ore with a grade of 27.0% Fe and 8.3% TiO2, producing 404,476 tonnes of pre-concentrate. Stockpiles totalled 488,050 tonnes, equivalent to 69 days feed.

At the Olekma Processing Plant a total 458,443 tonnes of pre-concentrate was processed, resulting in production of 252,974 tonnes of iron ore, and 45,657 tonnes of ilmenite concentrate.

IRC THIRD QUARTER 2014 TRADING UPDATE

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Kuranakh Production and Average Selling Prices (ASP)

Q3 2012 to Q3 2014

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Note: Quarterly Ilmenite ASP not disclosed. Chart illustrates the ASP for 1H 2014

It is interesting to note that as at the end of the third quarter, 84% of the iron ore and 83% of the ilmenite annual target have been achieved.

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YTD End YTD End
Q3 2013 Q3 2014 Change Sept 2013 Sept 2014 Change
Iron Ore (62.5% Fe) Production (tonnes) 248,529 252,974 +2% 767,428 756,845 –1%
Sales (tonnes) 233,102 272,817 +17% 781,952 789,873 +1%
Average Price (US$/t) 110 83 –25% 119 98 –18%
Ilmenite (48% TiO2) Production (tonnes) 33,626 45,657 +36% 112,714 132,350 +17%
Sales (tonnes) 35,224 46,196 +31% 113,560 115,396 +2%
Average Price (US$/t) 189 N/A N/A 230 N/A N/A
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• Quarterly Ilmenite ASP not disclosed for commercial reasons

IRC THIRD QUARTER 2014 TRADING UPDATE

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K&S (100% owned)

The K&S Mine is located in the Jewish Autonomous Region (EAO) of the Russian Far East. The operation is 4 kilometres west of the town of Izvestkovaya, through which the Trans-Siberian Railway passes. It is also 130 kilometres west by federal highway from the regional capital of Birobidzhan and 300 kilometres west of Khabarovsk, the principal city of the Russian Far East.

Construction activities at K&S continue to progress well through the final months of summer. At the end of the third quarter 2014, the project is estimated to be 83% complete.

The principal contractor guides IRC that development remains on track to commence commissioning at the end of 2014 and has agreed to US$19.5 million of penalties for the delays so far, with further penalties due should the timetable slip further.

The commissioning process will take time to complete, and production will ramp-up in 2015. Consequently, as published in the interim report in August 2014, IRC reiterates its production guidance of 2 million tonnes of concentrate in 2015, rising to 3.2 million tonnes per annum thereafter.

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Ball Mill Installations Magnetic Separators Installations
Magnetic Separator Installations Secondary Crushing Plant
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IRC THIRD QUARTER 2014 TRADING UPDATE

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Mining

Stripping and mining activities achieved a landmark during the quarter when the stockpile necessary to commence operations was realised. The ore stockpile totals 4.7 million tonnes with an average grade of 31% Fe. The stockpile quality is graduated, with lower grade tonnes for first commissioning and higher quality tonnes for commercial production. With the stockpile in place, mining operations have been suspended as there is no need to mine more tonnes and it is considered more prudent to preserve cash. Stripping activities have also been suspended, with 3.8 million tonnes of ore available for mining.

Processing Plant

Good progress was made during the quarter by CNEEC, the main contractor. Installations are ongoing and IRC continues to work closely with CNEEC towards their timetable to commence commissioning activities at the end of the year.

Overall progress estimated to be 83% complete

K&S Milestones

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Optimisation ICBC finance Electric Processing Plant
study to double facility transmission to Steel frame equipment Processing Plant Sign off and
CNEEC EPC signed production commenced substation work installation commissioning hand over Full production
2010 2011 2012 2013 2014 2015
Threefold First Processing K&S rail Main factory Machine Infrastructure Mining Railway Hot commissioning
reserves increase Plant Brick bridge foundations foundations buildings Ready infrastructure and first
works production
STRIPPING 25% 50% 74% 100%
MINING 10% 10% 70% 100%
ICBC FACILITY 35% 57% 84%
PROCESSING PLANT 30% 50% >80%
PROJECT COMPLETE 40% 60% 83%
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Estimated simplified project construction schedule

IRC THIRD QUARTER 2014 TRADING UPDATE

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Garinskoye (99.6% Owned)

The Garinskoye Project is an advanced large-scale exploration project. Located in the Amur Region of the Russian Far East, located midway between the BAM and Trans Siberian Railways and near to the Zeya River which flows directly to the Chinese border, approximately 190 kilometres away.

Following updated exploration work completed over the last 4 years, a JORC-compliant mineral resource of 177 mt at 33.4% Fe on an indicated basis and a further 86 mt at 32.5% on an inferred basis were established. The original intention was to build a large-scale open-pit mining 10 mt and yielding 4.6 mt of concentrate for 20 plus years.

Whilst IRC still intends to develop a large mining operation, due to capital constraints, an intermediate plan to exploit value in the near-term with a smaller scale DSO-style operation has been developed.

The full Bankable Feasibility Study for the revised DSO-style operation has been undertaken and once third-party verification and a fatal flaws analysis are completed, it will be announced. In the meantime, potential funding opportunities are ongoing, with several potential project partners having been identified and a full expression of interest for project financing received from a multi-lateral banking institution.

IRC THIRD QUARTER 2014 TRADING UPDATE

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CORPORATE UPDATE

Amur/Heilongjiang River Bridge

On 7 October 2014, IRC announced the signing of an agreement for the sale of it’s Amur River Bridge subsidiary LLC Rubicon to Russian and Chinese development funds for RUB174 million (approximately US$4.4 million). The new owners intend to fast-track the financing and construction of the bridge. The new bridge will reduce the rail transportation to IRC customers to as little as 250 kilometres, further positioning IRC as a supplier of choice to customers in North East China. The sale of Rubicon is subject to Russian Anti-Monopoly Approval. The sales proceeds will be recorded as a gain on disposal.

Contractor Delay Settlement Agreed

On 16 September 2014, IRC announced the successful negotiation of a settlement with CNEEC for delays to the completion of the K&S operation as advised in the 2014 Interim Report. Under the EPC agreement, as compensation for agreeing to extend the planned commissioning date to 31 December 2014, CNEEC agreed to a reduction of approximately US$19,500,000 in the total price payable to it under the engineering, procurement and construction contract between CNEEC and K&S, IRC’s wholly owned mining company.

Under the revised EPC contract terms, should there be any further delays in the commissioning date of the project beyond 31 December 2014, CNEEC would be liable for further compensation.

General Nice and Minmetal Cheerglory Strategic Investment

In January 2013, IRC announced a two-stage transaction for a US$238 million subscription for new shares by strategic Chinese investors General Nice and Minmetals Cheerglory.

Stage 1, which completed in April 2013 involved the subscription by General Nice of 851,600,000 new shares (including the deferred issue of 34,064,000 new shares), for HK$800.5 million (approximately US$103.3 million).

Stage 2, for a further subscription of an additional 863,600,000 new shares, for a consideration of approximately HK$811.8 million (approximately US$104.7 million) by General Nice and subsequently a subscription by Minmetals Cheerglory for 247,300,000 new shares for HK$232.5 million (approximately US$30.0 million). In October 2013, General Nice provided an irrevocable notice for the exercise of the Stage 2 subscription, and following an agreed delay for completion, a personal guarantee was received in November from the General Nice Chairman to complete by the end of December 2013.

Once General Nice has completed in full its Stage 2 subscription, Minmetals Cheerglory, under the terms of the agreements, may also invest. As long-term strategic investors, IRC recognises the challenges faced by General Nice raising the additional subscription capital at present, and whilst the Company is cognisant of its legal rights under the agreements and the personal guarantee from General Nice, it does not want to frustrate the good relations with General Nice and therefore is working with General Nice to agree a timely funding plan.

The proceeds from the subscription are being used for the continuing development of the K&S Project and for the consideration of the Board to advance with the development of the Garinskoye Project, thereby unlocking the value in IRC’s extensive portfolio of development projects. The transaction also includes off-take and marketing arrangements, providing IRC with both sales volume and cash-flow security.

IRC THIRD QUARTER 2014 TRADING UPDATE

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Following completion of the first stage of the transaction, the Board announced the appointment of Mr Cai Sui Xin, Chairman of General Nice and Mr Liu Qingchun, Managing Director of Minmetals Cheerglory Limited as non-executive Directors of the Company.

Petropavlovsk will continue to remain a controlling shareholder of the Company as defined under the Listing Rules, and based on the prevailing applicable accounting standard, the Company will continue to be treated as a subsidiary of Petropavlovsk. As a consequence, the Guarantee Fee under the Recourse Agreement will only become payable by the Company to Petropavlovsk when completion of the General Nice Further Subscription and Minmetals Cheerglory Subscription occurs.

RISK FACTORS

The Group is exposed to a variety of risks and uncertainties which could significantly affect its business and financial results. From the Board, to executive and operational management and every employee, the Group seeks to undertake a pro-active approach that anticipates risk, seeking to identify them, measure their impact and thereby avoid, reduce, transfer or control such risks. The Group’s view of the principal risks that could affect it for the remainder of the current financial year is substantially unchanged from those of the previous years. A summary of these key risks is set out below:

• Operational and construction risks such as delay in supply or failure of equipment, services, contractors and adverse weather conditions.

• Financial risks such as commodity prices, exchange rate fluctuations, funding and liquidity and capital programme controls.

• Health, safety and environmental risks such as health and safety issues, legal and regulatory risks, licences and permits, restatement of reserves and resources, and non-compliance with applicable legislation.

• Legal and Regulatory risks such as country-specific risks.

• Human Resources risks such as the ability to attract key senior management and potential lack of skilled labour.

This should not be regarded as a complete or comprehensive list of all potential risks that the Group may experience. In addition, there may be additional risks currently unknown to the Group and other risks, currently believed to be immaterial, which could turn out to be material and significantly affect the Group’s business and financial results.

A full glossary of terms is financial technical and company terms is available at ircgroup.com.hk.

ISSUED CAPITAL

At 30 September 2014, the Company’s total issued share capital was 4,859,910,301 shares, including the 32,362,875 Long Term Incentive Plan (LTIP) shares.

CORPORATE CALENDAR

21 January 2015 Q4 2014 Trading Update 5 March 2015 Financial Results & Annual Report FY 2014 14 April 2015 Q1 2015 Trading Update

IRC THIRD QUARTER 2014 TRADING UPDATE

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CORPORATE INFORMATION

Emeritus Director:

Senator Dr P.A. Maslovskiy

IRC Limited — 鐵江現貨有限公司

Stock Exchange of Hong Kong: 1029

Corporate Information

Headquarters, registered address and principal place of business in Hong Kong:

6H, 9 Queen’s Road Central, Central District Hong Kong Special Administrative Region of the People’s Republic of China

Telephone: +852 2772 0007 Facsimile: +852 2772 0329 Website: ircgroup.com.hk

Hong Kong Business Registration number: 52399423 Hong Kong Company Registration number: 1464973

Share Registrar

Tricor Investor Services Ltd Telephone: +852 2980 1333 Website: tricoris.com Email: info@hk.tricorglobal.com

Principal Place of Business in Russia

21/3, Building 1 Stanislavskogo Business Center “Fabrika Stanislavskogo” 109004 Moscow Russia (LLC Petropavlovsk-Iron Ore)

Executive Directors:

Chairman: G.J. Hambro Chief Executive Officer: Y.V. Makarov Chief Financial Officer and Company Secretary: R.K.T. Woo

Non-Executive Directors:

Committees of the Board:

Audit Committee

C.F. Li (Chairman) J.E. Martin Smith D.R. Bradshaw

Remuneration Committee

J.E. Martin Smith (Chairman) D.R. Bradshaw C.F. Li

Health, Safety and Environmental Committee D.R. Bradshaw (Chairman) C.F. Li J.E. Martin Smith

Nomination Committee

G.J. Hambro (Chairman) D.R. Bradshaw J.E. Martin Smith

Company Secretary

R.K.T. Woo

Authorised Representatives for the Purposes of the Stock Exchange of Hong Kong Limited

G.J. Hambro R.K.T. Woo

Executive Management

G.J. Hambro, Executive Chairman Y.V. Makarov, Chief Executive Officer R.K.T. Woo, Chief Financial Officer D. Kotlyarov, Deputy Chief Executive Officer N.J. Bias, Head of Communication

S. Murray, CBE, Chevalier de la Légion d’Honneur S.X. Cai Q.C. Liu

Independent Non-Executive Directors:

D.R. Bradshaw, Senior Independent Non-Executive Director C.F. Li J.E. Martin Smith

IRC THIRD QUARTER 2014 TRADING UPDATE

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For further information, please contact:

Nicholas Bias

Head of Communications

Telephone: +852 2772 0007 • Mobile: +852 9088 1029 • Email: nb@ircgroup.com.hk

Shirly Chan (中文查詢)

Investor Relations Co-Ordinator

Telephone: +852 2772 0007 • Mobile: +852 6623 3450 • Email: sc@ircgroup.com.hk

Registered Office

IRC Limited 6H, 9 Queen’s Road Central. Hong Kong

Office: +852 2772 0007 • Fax: +852 2772 0329 • Email: ir@ircgroup.com.hk • www.ircgroup.com.hk

6H, 9 Queen’s Road Central, Hong Kong +(852) 2772 0007 ir@ircgroup.com.hk

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ircgroup.com.hk

Facebook (facebook.com/pages/IRC-limited)

in LinkedIn (linkedin.com/pub/irc-limited)

Twitter (@IRCLimited)

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Institutional2012+2013Investor The Asset2012 Mines & Money2012 AwardsGalaxy2011
Investor Relations Professional The Asset Corporate Awards Deal of the Year Galaxy Awards
Asia Survey (Third Place) (Titanium) (Gold)
LACP 2012 LACP 2012 LACP 2012 LACP 2012
Top 100 Annual Reports Worldwide Platinum Award Top 50 Chinese Annual Report Top 50 Annual Reports Asia-Pacific Region
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14 IRC THIRD QUARTER 2014 TRADING UPDATE