in the july 1 release

Below is RBS Morgans latest sum-of-the-parts valuation for MOS. Note though that this valuation
does not include any upside from the proposed gas storage facility.

Table 1 : Mosaics producing fields and production infrastructure

The columns are A$m , A$share , Previously

Asset A$m A$/share Previously
Surat-Bowen 2P Gas Reserves # 29.4 0.04 0.07
Surat-Bowen 2P Oil Reserves * 71.6 0.09 0.09
Exploration - Surat & Other 17.2 0.02 0.04
Kimu (28.57%) 10.0 0.01 0.02
Net Cash 16.0 0.02 0.03
Corporate & Other -20.0 -0.02 -0.02
Total valuation 124.1 0.15 0.23
# Valued at A$0.35/PJ of 2P reserves.
* Valued at A$20/bbl of 2P reserves.
Source: RBS Morgans estimates