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General

The Newcastle Coal Infrastructure Group Board has elected to defer the capital restructure initiative to a later date.

Over the past quarter market conditions for resource related financings have been adversely impacted by developments in other resource related credits and transactions.

Newcastle Coal intends to monitor market conditions and reconsider the transaction when conditions are more appropriate.

Newcastle Coal’s business continues to operate in accordance with its business plan, and the deferral will have no adverse impact on its expected operational or financial performance

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