While I'm not sure why you are making the second question given...

While I'm not sure why you are making the second question given the first comment .......

But confession time is that I did quote the -2% discount rate figure rather than the 2 year delay. The 2 year delay is around 25-28% as the simple compound cost of real capital 1*(1+13%)^2-1 (ie 40% was the wrong sensitivity)

As the two year delay is only cost of capital (25-28%) then EY must either be assuming that none of the tax holiday (page 47) benefit is not diminished with a two year delay, or the evaluation was very simplistic.