Scenarios liable to be wrong and not to be relied upon. TIGER...

Scenarios liable to be wrong and not to be relied upon.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9
0	TIGER SCENARIOS
1		60,000.00	60,000.00	60,000.00	60,000.00	60,000.00	Max tonnes (after Phase 2 completion)
2		2,200.00	2,200.00	2,200.00	2,200.00	2,200.00	lbs per tonne
3		132,000,000.00	132,000,000.00	132,000,000.00	132,000,000.00	132,000,000.00	lbs per annum production
4		3.00	3.25	3.50	3.75	4.00	Copper Price
5		1.04	1.04	1.04	1.04	1.04	Cost per lb LOM
6		1.96	2.21	2.46	2.71	2.96
7		258,720,000.00	291,720,000.00	324,720,000.00	357,720,000.00	390,720,000.00	Free Cash after LOM costs
8		155,232,000.00	175,032,000.00	194,832,000.00	214,632,000.00	234,432,000.00	TGS Share @ 60%
9		181,104,000.00	204,204,000.00	227,304,000.00	250,404,000.00	273,504,000.00	TGS Share @ 70%
10		206,976,000.00	233,376,000.00	259,776,000.00	286,176,000.00	312,576,000.00	TGS Share @ 80%
11		232,848,000.00	262,548,000.00	292,248,000.00	321,948,000.00	351,648,000.00	TGS Share @ 90%
12		245,784,000.00	277,134,000.00	308,484,000.00	339,834,000.00	371,184,000.00	TGS Share @ 95%
13		258,720,000.00	291,720,000.00	324,720,000.00	357,720,000.00	390,720,000.00	TGS Share @ 100%
14		Spot Price $3.00	Spot Price $3.25	Spot Price $3.50	Spot Price $3.75	Spot Price $4.00
15	Share Price	0.78	0.88	0.97	1.07	1.17	TGS Share @ 60%	4.5	P/E
16	Share Price	0.91	1.02	1.14	1.25	1.37	TGS Share @ 70%	4.5	P/E
17	Share Price	1.03	1.17	1.30	1.43	1.56	TGS Share @ 80%	4.5	P/E
18	Share Price	1.16	1.31	1.46	1.61	1.76	TGS Share @ 90%	4.5	P/E
19	Share Price	1.23	1.39	1.54	1.70	1.86	TGS Share @ 95%	4.5	P/E
20	Share Price	1.29	1.46	1.62	1.79	1.95	TGS Share @ 100%	4.5	P/E
21		Spot Price $3.00	Spot Price $3.25	Spot Price $3.50	Spot Price $3.75	Spot Price $4.00
22	Share Price	0.86	0.97	1.08	1.19	1.30	TGS Share @ 60%	5	P/E
23	Share Price	1.01	1.13	1.26	1.39	1.52	TGS Share @ 70%	5	P/E
24	Share Price	1.15	1.30	1.44	1.59	1.74	TGS Share @ 80%	5	P/E
25	Share Price	1.29	1.46	1.62	1.79	1.95	TGS Share @ 90%	5	P/E
26	Share Price	1.37	1.54	1.71	1.89	2.06	TGS Share @ 95%	5	P/E
27	Share Price	1.44	1.62	1.80	1.99	2.17	TGS Share @ 100%	5	P/E
28		Spot Price $3.00	Spot Price $3.25	Spot Price $3.50	Spot Price $3.75	Spot Price $4.00
29	Share Price	0.95	1.07	1.19	1.31	1.43	TGS Share @ 60%	5.5	P/E
30	Share Price	1.11	1.25	1.39	1.53	1.67	TGS Share @ 70%	5.5	P/E
31	Share Price	1.26	1.43	1.59	1.75	1.91	TGS Share @ 80%	5.5	P/E
32	Share Price	1.42	1.60	1.79	1.97	2.15	TGS Share @ 90%	5.5	P/E
33	Share Price	1.50	1.69	1.89	2.08	2.27	TGS Share @ 95%	5.5	P/E
34	Share Price	1.58	1.78	1.98	2.19	2.39	TGS Share @ 100%	5.5	P/E
35		Spot Price $3.00	Spot Price $3.25	Spot Price $3.50	Spot Price $3.75	Spot Price $4.00
36	Share Price	1.03	1.17	1.30	1.43	1.56	TGS Share @ 60%	6	P/E
37	Share Price	1.21	1.36	1.52	1.67	1.82	TGS Share @ 70%	6	P/E
38	Share Price	1.38	1.56	1.73	1.91	2.08	TGS Share @ 80%	6	P/E
39	Share Price	1.55	1.75	1.95	2.15	2.34	TGS Share @ 90%	6	P/E
40	Share Price	1.64	1.85	2.06	2.27	2.47	TGS Share @ 95%	6	P/E
41	Share Price	1.72	1.94	2.16	2.38	2.60	TGS Share @ 100%	6	P/E
42		Spot Price $3.00	Spot Price $3.25	Spot Price $3.50	Spot Price $3.75	Spot Price $4.00
43	Share Price	1.12	1.26	1.41	1.55	1.69	TGS Share @ 60%	6.5	P/E
44	Share Price	1.31	1.47	1.64	1.81	1.98	TGS Share @ 70%	6.5	P/E
45	Share Price	1.49	1.69	1.88	2.07	2.26	TGS Share @ 80%	6.5	P/E
46	Share Price	1.68	1.90	2.11	2.33	2.54	TGS Share @ 90%	6.5	P/E
47	Share Price	1.78	2.00	2.23	2.45	2.68	TGS Share @ 95%	6.5	P/E
48	Share Price	1.87	2.11	2.35	2.58	2.82	TGS Share @ 100%	6.5	P/E
49		Spot Price $3.00	Spot Price $3.25	Spot Price $3.50	Spot Price $3.75	Spot Price $4.00
50	Share Price	1.21	1.36	1.52	1.67	1.82	TGS Share @ 60%	7	P/E
51	Share Price	1.41	1.59	1.77	1.95	2.13	TGS Share @ 70%	7	P/E
52	Share Price	1.61	1.82	2.02	2.23	2.43	TGS Share @ 80%	7	P/E
53	Share Price	1.81	2.04	2.27	2.50	2.74	TGS Share @ 90%	7	P/E
54	Share Price	1.91	2.16	2.40	2.64	2.89	TGS Share @ 95%	7	P/E
55	Share Price	2.01	2.27	2.53	2.78	3.04	TGS Share @ 100%	7	P/E
56		Spot Price $3.00	Spot Price $3.25	Spot Price $3.50	Spot Price $3.75	Spot Price $4.00
57	Share Price	1.29	1.46	1.62	1.79	1.95	TGS Share @ 60%	7.5	P/E
58	Share Price	1.51	1.70	1.89	2.09	2.28	TGS Share @ 70%	7.5	P/E
59	Share Price	1.72	1.94	2.16	2.38	2.60	TGS Share @ 80%	7.5	P/E
60	Share Price	1.94	2.19	2.44	2.68	2.93	TGS Share @ 90%	7.5	P/E
61	Share Price	2.05	2.31	2.57	2.83	3.09	TGS Share @ 95%	7.5	P/E
62	Share Price	2.16	2.43	2.71	2.98	3.26	TGS Share @ 100%	7.5	P/E
63		Spot Price $3.00	Spot Price $3.25	Spot Price $3.50	Spot Price $3.75	Spot Price $4.00
64	Share Price	1.38	1.56	1.73	1.91	2.08	TGS Share @ 60%	8	P/E
65	Share Price	1.61	1.82	2.02	2.23	2.43	TGS Share @ 70%	8	P/E
66	Share Price	1.84	2.07	2.31	2.54	2.78	TGS Share @ 80%	8	P/E
67	Share Price	2.07	2.33	2.60	2.86	3.13	TGS Share @ 90%	8	P/E
68	Share Price	2.18	2.46	2.74	3.02	3.30	TGS Share @ 95%	8	P/E
69	Share Price	2.30	2.59	2.89	3.18	3.47	TGS Share @ 100%	8	P/E