$1.50, page-29

Dear Prelight,

Thank you

It should be read $0.15 instead of $1.50. It is based on the lowest valuation among three brokers i.e. Macquarie at $0.15

If it is based on upside potential once in production, SDL predicts at $3.50. Please read below:

Extract from SDL's presentantion at Mining Indaba 2014, page 21

Upside Potential Once in Production

Average EBITDA (First 10 Years) US$1.8B

Current ownership (76.5%) SDL Average EBITDA ~US$1.4B 

Implied market cap of US$10.9B (using average EBITDA multiple) = over $3.50/sh