Adaro’s subsidiaries each have a crucial role to play as they each form a key element of Adaro’s coal supply chain. Having just completed pit to port integration in May 2009, our approach is to treat each company as a stand alone third party business. Each operating subsidiary is positioned as an independent profit center to deliver continued value to Adaro Energy and provide substantial diversification of EBITDA. Should it create shareholder value, Adaro Energy may list these performing subsidiaries in the future.