Credit Suisse presentation, page-44

Good morning all,

To me, the deal is very clear, and this are the facts.

WPL bought a company with the main asset consisting of SNE for $430 mil. PC had publicly said this. The liabilities we don't know (but we all guessed that as the Athena).

COP paid off the Athena, so that took care of that liability What others are there will probably be insignificant, because PC also publicly said it was 2.20/B for 35% of 560 mil B.

Now what other projects is WPL tied in with COP? What if WPL say, I'll pay you $430 mil for Senegal asset, and I make it up in the other projects. This could be for a number of reasons, TAX being one.

Regardless, if FAR do PE, as a company or just the SNE asset, then the price has to be at $430 mil, and if there is a 35% of 560 mil B asset, then the liability is nothing, PC has said so. Else he is lying about the $2.20/B. What other deal COP has got going with WPL
then becomes irrelevant.

AJIMHO

KKW