Positive Outlook, page-2

I am very bullish. Both Forsayth and Bodangora joint ventures are shovel-ready and await partner and government approvals. The litmus test we investors can apply is to see either Cherrry Tree Vic proceed or extensions to Capital ACT. There are still big licks of cash floating across from US buyers to loan repayment and some to IFN. The bankers will probably want to see the money in the bank before commttting to finance Cherry Tree and Capital.

The JV projects will substantially increase NTA as IFN significant investment in 'intangible' development plans become turbines on poles.

Turbine and siting technology has come a very long way in ten years. The new ones are sooo much better.

After the famine, a feast.