summary, page-30

Summary for BEPPA:

They are raising $1.5b for 84% of the company

BBI ordinary holders are being wipedout but are being compensated with a 4cent per share distribution

The VWAP for BEPPA is being set at 4.1 to 4.2 cents - the conversion will be done at VWAP - 4cent capital repayment. Conversion price will be: $1 BEPPA will get 500-1000 BBI

Note: How many BBI shares are actually allocated is really not material. At 1000BBI for $1BEPPAface <- not nice for BBI holders; at 500BBI <- slightly better but still not nice for BBI holders.

Key point: BEPPA get a share of roughly 15% of $1.5b. This is about $225million value. Roughly $525million of BEPPA face value is converting to this $225million value. Hence this is the justification for the 43cents for $1face commentary.

Looks like the BEPPA outstanding gets paid out in cash.

In summary: BEPPA conversion kills off the ordinary holders. However, ordinary holders are "bought off" at 4cents per unit. In turn BEPPA holders, as the new owners, are diluted to about 15% with the introduction of new capital. Finally, the capital will be reconstructed to be something less embarrassing than a fraction of a cent.

BEPPA take a haircut to 43% of face + outstanding divs

NZ SPARCS - hang tough and you will get your full $1 face

On balance a good outcome for BEPPA holders!!