Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-99

From the estimated prices in the March quarter, obviously I have used those to estimate prices per cargo for the June quarter. I then compare the implied total revenues against an estimate of the Benchmark price for AHQ coal, and see how the ratio compares with that in the March quarter. The company has stated that the ratio will increase in the June quarter, probably significantly. This calculation provides a cross-check on my cargo price estimates. In brief, I estimate total revenues in the June quarter of US$70-75 mn, with my best guess around the mid-point. Of course, I don't know the timing of the receipts, and can't reliably guess the working capital changes from month to month. But I'm comfortable with the implied EBITDA numbers!