Ann: Market Update - Debt Advisor , page-16

Dargie and LZA

It is correct to say the term of the loan, including the deferred margin was extended until 2037 , when the debt was restructured

However as part of the restructure all loan redemption. sales and excess cash flows are swept through , firstly to pay the principal and then the deferred margin.

You cannot pay off the principle and sinmply sit there and collect the rest and wait out the years.

the net present value of the deferred margin in the discount made against the deferred margin,between the present and when the derred margin is expected to be paid. this is based on current projections of redemption , sales , where possible and excess cash flows. The NPV was about $32m compared to a face value of close to $40. I think that would indicate at the present rate the deferred margin would be cleared , under the present terms somewhere between 2 to 3 years.

the june 14 date is not a requirement to repay. "can be"
but by then there should be much left to repay anyway.