Ann: Update on Coal Off-Take Finance LOI, page-49

I don't agree, i belive the choice of the index is a huge part of the negotiations and will make a significant difference. $5-$10 difference before the application of any premium/discount adjustments over 2.5Mt is sizeable over the life of the offtake. But nonetheless, I agree a deal is better than no deal, we just need to make sure that we arent stitched because if the coal market tanks the $5-$10 difference now could place Cokal at the margin especially in the later years of BBM when the cash cost is significantly higher.