Ann: Update on Senior Financing Facility, page-32

Finance literature, dictates that individual project are valued separately of company costs, for the specific reason of valuating IRR and the profitability of the project. The rational is that regardless if TGS is running Kippoi or not, it will still pay corporate costs, admin costs and office expenses. Hence why it is not included in AISC.

The break even i was referring to was to the project and not to the company as a whole.