Ann: Production Update and Funding Secured, page-259

I have a question or two for the finance majors...

1. What would you consider the be a "modest discount" as specifically stated in the announcement?

2. Am I correct in thinking one of the major issues is not having an export license, limiting the market to Indonesian companies until and unless an export license is issued?

3. What is the current spot price on PCI? I find it difficult to find accurate quotes but I believe it is now around $100. How would a "modest discount" affect this price?

4. Did anyone have any thoughts about the 1.937m payable in the annual report? I know Martino loaned the company money but it seems this figure is excessive. Were the directors not taking salaries or did they raise a liability for their fees? Genuine question as the 2m first tranche seems a little conspicuous.

Thoughts welcome