Ann: Investor Presentation, page-47

I t also doesn't make a whole lot of sense to be able to have an IRR ( before tax ) for the entire project of 140% ....and then have an ( After Tax ) IRR for the entire project of 139%. What sort of ' Honey Moon ' rates are they being given or expecting here when they only have carried forward tax losses of circa A$2 5- $28 millon lets say on Authier and have booked a profit on gain of NAL asset acquisition so far of around $100 million......with more expected ......

Sometimes I guess you just have to believe & have faith..... I suppose if you end up spending over a $Billion on upgrades and refinery expansions through investors funding where some of the profits ( before tax ) are flow'd thru to those same Investors who also have losses , then this together with the ' accelerated wirte-off allowances on LARGE project in the Canadian system would effectively negate the taxes down to an figure of what they are implying as 1% .....

I mean what else is going on here to achieve this sort of outcome over LOM of 27 - 30 years ...