Ann: Financing Update, page-284

Hi Mr Perry,

Re "cheaper for WPL to takeover FAR than pay FAR the compensation amount that CN is thinking". Problem is we don't really know what that figure is, although obviously WPL do know, but with the SP for the last so many months floating at 4+ cent, WPL even if at a 50% prem is only 6+ cents. Cheaper for WPL, but lucky for us, I don't think FJ and Meridian would agree.

If there is really a backer, we should be able to get $4-5/B as compared to what WPL paid, $2.2o/B. Could be more now that we have FID. Although would be a company maker for FAR, but unscrambling the egg could prove difficult.

PS
I think that figure could be anything north of $200mil is my guess.