Q&D VALUATION: 650MW PAGBILAO GAS PLANT, page-5

Thanks forall your efforts.

In your latest table (values adjusted post possible CR) you only include the Philippines power plant and not Eromanga. Any reasons for this? Also, what are your reasons for assuming Eromanga to commence in first half of 2023, rather than earlier?

As far asthe Pagbilao power plant is concerned, I understand that the aim is to commencecommercial operations (200MW only) by April 2023 (as per hc posting byPalmTree). Additional 200MW (gas turbine) may come online 6 months later andthe 250MW steam turbine a further 6 months or so after that. EWC is supplying(initially at least) the wholesale market and have you allowed for this (eg.price differential and hours of operations) in your calculations? (ie.comparing FirstGen data with possible EWC power production may be comparingapples with oranges). I have more confidence in your data table re: Eromangaand Gilmore (even though production from Gilmore is probably over 12 months away).