Ann: Response to Foreign Shorter Opinion Piece, page-44

The process used by most alternative asset managers is the same when it comes to valuation:

1) Hire independent valuation agency or agencies to perform valuations;
2) Valuer interacts with asset manager to undertake valuation, i.e. gets cash flow forecasts, leasing reports, does physical inspection etc.
3) Valuer provides to asset manager draft opinion for comment;
4) Asset manager provides feedback;
5) Valuer provides to asset manager final valuation;
6) Asset manager adopts valuation, provides valuation to auditors for accounts, directors sign off on audited accounts.

If you have a problem with BLA's asset valuation policy, you also have a problem with GMG, MGR, GPT, CHC, MQG, etc., etc. because they all go through more or less the same exercise in valuing their assets / producing their account.