4) IFA's Opinion regarding the connected transaction of TTW

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Acquisition of the Operating Right 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Free Cashflow to Firm 164.15 167.62 165.70 163.44 161.54 167.41 171.54 169.25 166.96 163.67 169.52 174.04 171.71 167.88 164.26 132.03 Less Interest expense after tax (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) Loan Borrowing(Repayment) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Free Cashflow to Equity 164.15 167.62 165.70 163.44 161.54 167.41 171.54 169.25 166.96 163.67 169.52 174.04 171.71 167.88 164.26 132.03 Discount Period 15.33 16.33 17.33 18.33 19.33 20.33 21.33 22.33 23.33 24.33 25.33 26.33 27.33 28.33 29.33 30.33 Discount Factor 0.20 0.18 0.16 0.14 0.13 0.12 0.10 0.09 0.08 0.08 0.07 0.06 0.05 0.05 0.04 0.04 NPV 32.23 29.60 26.31 23.34 20.75 19.33 17.81 15.81 14.02 12.36 11.51 10.63 9.43 8.29 7.30 5.27 Total NPV 76.80 Discount Rate 11.20% IRR 12.80% Page 92 of the total 92 pages