Ann: Dividend/Distribution - WPL, page-28

With oil prices were they are this results is in line with 2011 - 2014 boom time report with massive earnings, and huge dividends expected. Good time to be a WPL shareholder, but so heavily dependent on oil price - macro looks good after a decade of under investment...

All this said, WPL need to navigate their growth strategy and that involves significant capital expenditure. The macro does look good, so good luck to them, but lots of FCF over the next 3yrs will be tied up in these various investments... Will be an interesting next 2-5yrs and one that could truely be transformational, the acquisition of BHPP was a great decision to bolster this FCF. I would like to see gearing hit the low range of the guidance (15%) while prices are high... Still bullish, based on oil price and next 1yr outlook alone, should be trading above $30 IMO.