LIve Q&A Session on ELF Incentive Program Announcement - 7pm tonight, page-12

Hi Scatterpult,
1. The bond as advised to the market has been prepared which aligns with the wording of the RCA. 
2. Importantly, the ELF Incentive Program is designed to support our CY2019 budget as outlined in the announcement today. One way that the ELF Incentive Program "aids the signing of the RCA" is in the confidence it creates in the minds of our Indian partners that we have sufficient working capital to see through the project period.  The bond will be dealt with as a separate matter and I'd say that there are more influential factors that would genuinely aid on the signing of the RCA that are probably more about administration rigor and due process inside the Indian partners companies.
3. We think the market is looking for a number of de-risking factors and whilst the signing ceremony is one such factor that may bring a higher level of confidence (and with it a higher price), at that time the ELF borrowers may not need a discount to incentivise repayment anyway.  The way the discount has been tiered, ELF borrowers can make their own decisions about taking up the incentive offer for repayment against their own personal risk profile.