Ann: Market Update, page-178

What could they possibly have said about the NAW contract to have positively influenced the SP? It is still a long way from being executed, so the best they could have done was provide an indicative time frame on how they are progressing towards that point. In my opinion GSW needs to significantly grow cash receipts for the SP to grow, and given the lengthy execution time frames for the large contracts that is still a long way away. Given the lack of real detail in today's announcement, I'm actually pleasantly surprised with how well the SP has held up. I was expecting sub $1. We still have the big three contracts which gives me confidence that GSW has a future. If one of those falls over GSW will be in a world of pain.