Ann: GAS SUPPLY AGREEMENT WITH INCITEC PIVOT, page-25

In regards the comments on this forum about capital allocation, one thing to consider is that by buying back stock CUE would be buying at an EV/EBITDA < 1x which is basically impossible for the them to beat in terms of returns anywhere else (>100% EBITDA return). Buying a minority stake in a third party project would be at a significantly higher EBITDA multiple than this so basically impossible to justify from a rational capital allocation perspective when there is an alternative option which guarantees a > 100% return.