Ann: December 2014 Quarterly Cashflow Report, page-112

plough,...just starting read the outlook announcement.

Thus far, my issues with TGS management reporting to its shareholders is reinforced.

1. 5% to be ceded to DRC....ok fine I get it.

2. 2.5% gross income royalty to Gecamines....ok i get that too

3. 2.0% government royalty for smelter.... not sure why we are ceding 5%. all up we are paying the DRC and /or its entities 9.5%?

4. DRC mining code fiscal regulations;

30% corporate tax....I get it.

3% - 20% import duties....wtf! At least tells us what TGS management thinks the % impact will be. Is it 4% or 18%? A mighty big rubbery target