Ann: Equity Raising Presentation, page-3

Slide 34 of the presentation included a case study of KKR, who acquired Zenith Energy and its 700MW generation portfolio for $1.7 billion.

I assume it was included as a proxy for how QPM might be valued although they fell short of making that direct comparison which is normal caution.

I have little experience in valuing companies on EBITDA (most of my other stocks are not producing revenue) so apologies if this is all wrong and corrections welcome.

Forecast EBITDA for IPS is $49M (from revenue of $71M). Let's assume TPS EDITDA is same (given revenue looks equal from graphic below). So total EBITDA (excluding gas sales) is say $100M which on a multiple of 6.3 implies EV of $630M. Not sure what adjustments then need to be made to convert EV into a market cap....

And if you use the A$2.4M /MW multiplier from Zenith and apply to QPM's 280MW (TPS+MPS+IPS) then you get a value of $670M.

Both values are circa 8X the current QPM market cap purely as an electricity provider - not counting the value of the gas reserve and sales - so plenty of upside???? And good buying in the 3c range???



From Slide