confused, page-4

Mike

I am focusing on EPS and am forecasting EPS go from 22 to 30 (36% growth). Although 1H is lean it is still double last year and almost equal to 2H last year. I also try using a discounted cashflow model based on forecast NP assigning probablity of negative, no and positive growth.

Analyst reports seem to have a lot more on the contracts TTN has in place and based on the contracts signed and in force they will have roughly the same revenue in place until mid 2015. The new contracts add to that until end 2015 and mid 2016. They include a break down of current, new and potential. There are a number of 2-3 year contracts in place.

I use their anaylsis to supplement mine and although I don't get to their > $4 value I am round $3.20