Ann: Portfolio Update, page-10

Serious swings on low volume. Needs some more liquidity to stop this.

Hopefully we are getting close to an update on development progress and also some clarity on project value. That might keep retailers happy for a while. Give us something to chew the fat on etc

I’m standing by my ~$400m - $500m project NPV (@$75/bbl oil). If FDR can just nail some JV capex funding, or sell an equity parcel, we’d shoot to a $100m MC pretty quite easily

Any way, signing off again. Have been busy valuing physical investments (averaging a 4x return there) and learning how to construct buildings (have quit for the summer though - too hot)

Merry Christmas and see you next year

OS