New Website, page-61

Wait until the final quote from SMS,which includes the larger than presently assumed percentage of german manufacturing required to support ECA cover on the senior debt and the picture will become clearer. Additionally,there are other costs on top of CAPEX, that you are not accounting for in your low dilution scenario( lender debt service accounts, bank fees, arrangement fees, debt service reserve and lender contingency reserves and OTHERS)that won't be known until finance close.(25% + of the CAPEX number is my present assumption). The only way to avoid the dilution at company level,is to JV at project level,or a combination of both.