Ann: EXTENSION OF THE SKN GUARANTEE OF THE KEBA L, page-4

re: Ann: EXTENSION OF THE SKN GUARANTEE OF TH... KEB would only extend the loan with the SK guarantee in place. If SK don't extend then KEB calls it in. Apart from the demand period KEB's action would be against SK. SK might be ood for the money. SK would have rights against COK which probably is not good for the money.

COK could either sell its assets if it can or SK can underwrite a placement. Either way existing shareholders would be heavily diluted.

The alternative is extend the guarantee in the hope for a turnaround in coal prices.

If coal turns around COK would be a big beneficiary, otherwise it will get ugly.