email sent to investor relations

To whom it may concern:

I am an investor in BJT and I have a query in respect of the wording used in your last announcement. The announcement makes reference to net cash of AUD$81 million and in the same vein refers to hedges being AUD$40 million out of the money. Is net cash AUD$81 million AFTER accounting for this AUD$40 million. i.e. was Gross Cash AUD$121 million?

Also, the announcement refers to using the AUD $81 million being used to strengthen BJT's capital position. Is it then the case that none of these funds will form all or part of the cash component of the next distribution which is yet to be announced?

Thank you for your assistance.

Regards,

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