Quarterly predictions, page-5

Pg 16 you refer to does not mention a discount but ‘linked to a percentage of annual benchmark price’ - the annual benchmark price is usually agreed in Q1CY. 110% or 120% of annual benchmark TC (Or some funky TC price escalator/de-escalator) is still a TC linked to a percentage of the BM price. I think it is intentionally written to be unclear (they could have easily said they were getting a reduced/discounted TC To BM). Anyway it should be clear over the next few qtrs whether it is a discount or not.

Re EBITDA, the comment was in relation to qtrs where they were generating EBITDA. It’s unclear whether there is a quarterly quarantining of the 40%*EBITDA worth of cash or whether it is based on annual figures. Either way that is a reduction of eventual available cashflow.