The new report, entitled "Eurasian Natural Resources Corporation Plc: Frequently Asked Questions", is now available on www.moodys.com. Moody's subscribers can access this report via the link provided at the end of this press release. This new report is an update to the market and does not constitute a rating action.

"We expect ENRC's credit profile to weaken based on the group's recent acquisitions and its raising of additional debt to fund its sizeable capex programme of approximately USD6 billion over the next two years," says Andrew Metcalf, an Analyst in Moody's Corporate Finance Group and author of the report. "The expected weakening of ENRC's credit profile is despite a strong financial performance in 2011 and record-breaking revenue and EBITDA figures."

The step-up in capex will lead to a deteriorating liquidity profile at ENRC -- especially given the group used excess cash in the first quarter of 2012 to complete the USD600 million acquisition of Shubarkol, as well as pay out USD750 million to First Quantum Minerals (FQM, unrated) for the Kolwezi assets in the Democratic Republic of Congo. This deterioration prompted Moody's rating action on ENRC on 31 January 2012, when the rating agency downgraded the company to Ba3 from Ba2, and changed the outlook on the rating to negative from stable.

ENRC's current Ba3 rating is positioned to accommodate a period of expansion. The group's recent acquisitions and significantly increased capex plans mark a fundamental shift in its debt and liquidity policies. Over the next three years, Moody's expects the group to transition from the conservative balance-sheet structure that has prevailed since 2007 (minimal net debt and high cash balances), to a more aggressive structure focused on project completion.

Moody's notes that corporate governance remains a key issue for ENRC. This is a result of the high concentration of ownership among five key shareholders; the large number of related-party transactions; and the furore over the recent (financially immaterial) internal fraud investigation at the group's iron ore operations. While Moody's believes that ENRC's corporate governance standards are slowly improving under new chairman, Mehmet Dalman, the Camrose acquisition is another example of questionable governance standards. In Moody's opinion, the decision to progress this transaction will continue to hinder the group's ability to obtain credit from international credit markets.

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_143038

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Gianmarco Migliavacca Vice President - Senior Analyst Corporate Finance Group Moody'sInvestors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Olivier Beroud Managing Director Corporate Finance Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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