[zbr798531098]

Thanks a lot

[zbr798531098]

Hi teacher

I want to ask two questions related to 2017 March Q1,”

the estimate of Chrysos Co’s value to the equity holder after undertaking the restructuring programme.”

The first question is
As can be seen in the appendix 3. When estimating the cash flows, this question didn’t deduct the additional investment $1200 million from the cash flow. This question only considers its influence on deprecation.
I want to ask why the whole amount 1200 million are not allowed to be deducted as the additional investment when estimation the cash flow.

The second question is:
The unbundling value of 3289 million which through MBO has not be included in the ” value to shareholder”. I want to ask why we are not allowed to include this amount into value to equity holder.
That is because in question (2015 December Q1 Cigno) and (2020 March Westparley), we include the sell- off value and unbundling value when calculating the value to shareholders.

Thank you so much

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