2009 the year of the bbi rebound, page-20

"Melua, I cannot see a situation where BBI will be paying a a dividend until:

1. The corporate debt facility is completely paid off."

Answer: I disagree. Dividends have been paid previously whilst corporate debt was in existance.

"2. They have enough cashflow/surplus cash to be able to spend to maintain/expand their existing assets."

Answer: I disagree. Maintenance of assets is already included in cash flow statements. There will be ample surplus to cover all expenses including maintenace and interest payments.

"3. There is a possibility they may need to conserve cash to physically pay off their BEPPA rather than letting them convert into shares, esp if the share price stays low."

Answer: I disagree. BEPPA is a cheap source of finance. There is no need to do anything with BEPPA until the reset date in 2012. They will just keep making the interest payments on BEPPA.