Philippine substation update, page-10

I agree. Hopefully this public hearing is the final step in satisfying the conditions for draw down of funds. What remains to be seen is:

1. Will the commission issue provisional authority to build the interconnection line pending the issuance of a final decision

2. How quickly can an order to provisionally approve the application be issued (i.e. can a decision be made immediately after the hearing)

3. Is provisional authority enough for our banks to allow the draw down to occur

Management at the AGM were confident that as soon as relevant approvals for building the interconnection line are made the company is in a position to draw down the facility immediately and we don’t have to wait for the line to be built first.