ozl strategy, page-11

Hi DB1,

Yes, I did.

The number is $1.92, with $800m capital exp
The number is $2.81 with $650m capital exp

With RXM closing at $1.92 (intrinsic value), for OZL to see value, either

a) OZL would need to be able to do the capital for $650m ($1.92 * 30% t/o prem = $2.50) or
b) RXM sp would need to fall to $1.48 to give a t/o of $1.92)

Does all that make sense? If not, let me know and I will try and elaborate a bit more.

HT1