FAR Options, page-5

Phil, can they sell down part of or whole of the 13.7%? Is the senior debt facility still in place or only part of? in the last investor presentation FAR stated that the debt was secured to the 13.7%

if that is the case then how can you sell the security out from the loan from under the facilitators.

if that is not the case and the senior debt has been dissolved or was not secured/ binding then is there enough money to move forward even after selling a stake. Who would be the potential buyers? The JVP?

would it not be more beneficial for WPL to just go ahead and let FAR meet the cash calls knowingly they are in financial trouble then if FAR default , the % could be acquired by default to the JVP / operator to make the cash call? Or WPL could dictate the terms at which they will cover the cash call at a deal that would be devastating to FAR.

i don’t know the legalities of this and where FAR stand if they fail to meet their capex obligations.