Ann: Company Update, page-11

SG - assuming $71.5t and 1.5mtpa from BNU, I would expect the price to rise significantly up to around the seaborne price of $100+, when they start shipping clean coal, however, there would also be a reduction in tonnage shipped unless they can ramp up production back to 1.5mtpa of clean coal shipped. The rate would also reduce by $3mpa to cover the delayed senior note payment. Until we know the profit per tonne after washing, its all smoke and mirrors, but they have stated publicly that the price increase and profit will rise 'sharply' with a very quick payback time, therefore, by mid year we should have a better understanding of BNU's true potential.