METRO MINING LIMITED — Major Shareholding Notification 2012

May 14, 2012

Form 603

Corporations Law Section 671B

Notice of initial substantial holder

To: Company Name/Scheme	Metrocoal Ltd
ACN/AR S N	117 763 443
1. Details of substantial holder (1)
Name:	Bank of America Corporation and its related bodies corporate
ACN/ARSN (if applicable)
The holder became a substantial holder on:	10 May 2012

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial
holder or an associate (2) had a relevant interest (3) in on the date the substantial holder follows:

Number of securities Class of securities (4)		Persons' votes (5)	Voting power (6)
Ordinarv -------	21.510.000	21.510.000	10.30%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Merrill Lynch (Australia) Futures Ltd	Beneficial Owner	Ordinary 1,510,000
Merrill Lynch International (Australia) Ltd	Borrowing of securities pursuant to a Prime Brokerage Agreement (see Appendix)	Ordinary 20,000,000

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant	Registered holder of	Person entitled to be	Class and number of
interest	securities	registered as holder (8)	securities
Merrill Lynch (Australia)	Merrill Lynch (Australia)	Merrill Lynch (Australia)	Ordinary 1,510,000
Futures Ltd	Nominees Pty Ltd	Futures Ltd
Merrill Lynch International (Australia) Ltd	MLEQ Nominees Pty Ltd	Merrill Lynch International (Australia) Ltd	Ordinary 20,000,000

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
		Cash	Non-cash
Please see Annexure A.

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ ARSN (if applicable)	Nature of association
Merrill Lynch (Australia) Futures Ltd	Related body corporate
Merrill Lynch International (Australia) Ltd	Related body corporate
Merrill Lynch International	Related body corporate
Merrill Lynch (Australia) Nominees Pty Ltd	Related body corporate
MLEQ Nominees Pty Ltd	Related body corporate

7. Addresses

The addresses of persons named in this form are as follows:

Name	Addresses
Bank of America Corporation	100 North Tryon Street, Charlotte, North Carolina, 28255, USA
Merrill Lynch (Australia) Futures Ltd	Level 38, Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000. Australia
Merrill Lynch International (Australia) Ltd	Level 38, Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000. Australia
Merrill Lynch International	2 King Edward Street, London EC1A 1HQ, United Kingdom
Merrill Lynch (Australia) Nominees Pty Ltd	Level 19, 120 Collins St. Melbourne Vic 3000, Australia
MLEQ Nominees Pty Ltd	Level 38, Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000. Australia

SIGNATURE

Print Name: Fiona Cheng

Capacity: Authorised signatory

Sign Here:

Date: 14 May 2012

cep

Annexure A

			Class (6) of	Securities	Person's votes
Date of change Person whose relevant Interest changed	Nature of change (4)	Consideration (5)	Isecurites	affected	laffected
12-Apr-12 Merrill Lynch (Australia) Futures Ltd	Buvl	3.800.000 Ordinary		10,000,000	10,000,000
30-Apr-12 Merrill Lynch (Australia) Futures Ltd	Buvl		3.954 Ordinary	10.000	10.000
10-May-12 Merrill Lynch (Australia) Futures Ltd	Selli	3.230.000 Ordinary		(8,500,000)	(8,500,000)
23-Feb-12 Merrill Lynch International (Australia) Ltd	Securities borrowed		N/A Ordinary	20,000	20,000
13-Apr-12 Merrill Lynch International (Australia) Ltd	Securities returned		N/A Ordinary	(20,000)	(20,000)
10-May-12 Merrill Lynch International (Australia) Ltd	Securities borrowed		N/A Ordinary	20.000.000	20,000,000
16-Jan-12 Merrill Lynch International	Securities returned		N/A Ordinary	(133,000)	(133,000)
16-Jan-12 Merrill Lynch International	Securities returned		N/A Ordinary	(53, 375)	(53,375)

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Appendix: Prescribed information

Type of agreement	Prime Brokerage Agreement / Global Master Securities Lending Agreement
Parties to	Merrill Lynch	Merrill Lynch	Merrill Lynch
agreement	International, Merrill	International, Merrill
			International, Merrill
	Lynch International	Lynch International	Lynch International
	(Australia) Limited and	(Australia) Limited and	(Australia) Limited and
	Mathews Capital	Mathews Capital	Mathews Capital Partners
	Partners Pty Limited as	Partners Pty Limited as	Pty Limited as Trustee of
	Trustee of the Sabre	Trustee of Velocity	The Peak Energy and
	Fund	Fund	Global Resources Fund
Transfer date	For the period from 11 January 2012 to 10 May 2012.
Holder of voting			Securities borrower. Securities lender may instruct the registered holder to vote
rights	on securities.
Are there any	No
restrictions on
voting rights?
If yes, detail	N/A
Scheduled return	On recall of the securities loan by the securities lender.
date (if any)
Does the borrower	Yes
have the right to
return early?
If yes, detail	Securities borrower will have right to return assets at any time.
Does the lender	$\overline{Yes}$
have the right to
recall early?
If yes, detail	Securities lender will have right to recall assets at any time.
Will the securities	Yes
be returned on
settlement?
If yes, detail any	N/A
exceptions