Ann: Financing Update, page-145

I attended the GM today

Disclosure Sold majority yesterday after delay announcement. Looking for a re entry point

· In talks with 4 banks two have approved

· Milestones had to be met before lenders commit and FID was needed with some lenders.

· Late Sept found out about the purchase ILO lease

· Final cost from WPL was end of Dec

· JVA was an old JVA and “very loose” and they do not know which way it will go

· PE. From when the decision was made in Dec and handed for a final tick will take weeks not months (Kath’s words) (don’t expect Monday my words)

· First cash call will be end of Feb then nothing until next year

· SPP raised 10mil (better than they thought)

I was up the back and a little late so I hope this helps some. The board seemed calm but well aware of the issues at hand

ER

PS i will not reply to any stupid extremists. If you want to know more be respectful and if i can answer i will.

GLTAH