As we had previously reported, the Company invited Sintradrummond, Sintradem, Sintramienergetica, Agretritrenes and Sintramineros to begin negotiations during the week of April 11, with the goal of signing the corresponding collective employment agreements that will govern the employment contracts of their affiliates and covered non-affiliates.

We have agreed with Sintradrummond, Agretritrenes and Sintramineros to formally begin the collective negotiation on April 13. Therefore, the 20 days of the direct negotiation stage will last until the night of May 2.

It is important to note that yesterday we held a meeting with Sintradem to try to begin conversations and resolve the existing collective conflict. This was not possible, however, and it will continue with the arbitration tribunal convoked by the Ministry of Labor in resolution 04779 of October 28, 2014.

We must also report that Sintramienergetica has not responded yet to the invitation extended by the Company to present its bill of petitions and begin negotiations this week.

Lastly, we would like to reiterate, so that there will be no misunderstanding, that the denouncement of the conventions and the award were limited only and exclusively to organizational union benefits, so that they can be redistributed among the five unions:

• Leaves, per diem, tickets and flights of the negotiating committee
• Union meetings at the mine
• Visits to the work fronts during working hours
• Union Leaves
• Financial stipends for union organizations
• Recreation and culture stipends allocated to union organizations
• Union training assistance
• Union bulletin boards

Once again, this denouncement is not related to the individual employment terms and benefits of union members, but rather the benefits that have been awarded to union organizations.

We reiterate our willingness and desire to quickly reach an agreement that is of mutual benefit to the parties.

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FOR MORE INFORMATION

Pablo Urrutia – Mobile 57 (318) 735-7445, Tel. 57 (1) 587-1000 Ext. 5809

Margarita Saade – Mobile 57 (316) 312-4180, Tel. 57 (5) 571-9300 Ext. 8581

Wilma Calderón – Mobile 57 (310) 287-6085, Tel. 57 (1) 611-5014