Ann: Response to TerraCom announcement, page-14

check out all the lng projects which have been put on hold across the world and a lot of them are potentially unviable. We are about to see a coal price jump. All those who are saying that the lower lng prices will displace coal in the Japan, korea markets do not understand basics of economics. LNG supply is about to face a severe curtailment.

With swing coal supply taken out of market last yr (especially from USA) and Indonesian low quality crap also not in favour - the price of premium coal is going to see 2016 levels in my opinion - and quite fast