Q&D VALUATION: 650MW PAGBILAO GAS PLANT, page-11

Thanks againfor all your efforts.

Just a fewpoints of clarification:

1. Are you using A$ figures in allcases and not US$?

2. You assume current earnings tocontinue into 4Q 2022 and beyond. Any reason for this?

3. Sengkang LNG full capacity is 2mtpa.According to EWC’s own 2007 calculation, assuming a sales price of US$6/mmBturevenue is estimated at US$150million and EBITDA at US$75million per 500,000tpatrain. Multiplied by 4 this yields EBITDA of US$300million or aboutA$450million.

4. You assume a P/E of between 6 and 8.Why not eg. 12 (This would get it closer to Clueless100 break even point!!!)