Ann: Updated research report, page-3

Dont know what is the purpose of this report, just make the project look worse. I have 2 takeaway:

1. GPX admit that even under the best scenario, there will be significant delay and a CR is needed.

2. The best scenarios is very unlikely to occur. I dont think the chinese will sign under the current terms under the new laws. The probable outcome is that chinese will still have 50% and provide less equity funding. This means that gpx will retain 34% of the project and need more debt financing. Then gpx will have much less valuation after production and much more uncertainty for financing the project.