Ann: Prominent Hill Reserves and Resources and Pr, page-57

re: Ann: Prominent Hill Reserves and Resource... I estimate the cash balance will be between $250 -$350M at the years end (sensitive to the timing of receivables). Given the H1 production outlook and CAPEX requirements at Malu UG, the cash balance will continue to decline in H1.

I also estimate (by applying the assumptions in the presentation) that cash flows from PH (not including CAPEX) over the 2015-2018 period will range from $1.5B to $2.0. Cash flows are obviously very sensitive to OP and UG mining costs, Cu price, AUD and gold price to a lesser extent.