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Case LNG Base case Pipeline Base case Project IRR 18.6% 16.7% Project NPV 16,545 19,521 !

LNG 70% EU- 30% Asia LNG 50% EU - 50% Asia Project IRR 18.6% 19.3% Project NPV 16,545 18,155 !

Pipeline Base case Pipeline +30% Construction cost Project IRR 16.7% 14.0% Project NPV 19,521 13,005 !

LNG Base case Pricing LNG -20% average price Project IRR 18.6% 15.3% Project NPV 16,545 10,022 !

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