facts, page-16

To my mind nothing has really substantially changed since the PowerCo sale, except that Euroports has been delayed to help satisfy condition precedents (whatever they are?). BBI has been refinacing asset debt over the whole year.

A major change I have seen outside BBI, is that Libor is at a six year low on 3 month interbank lending. Maybe this represents stability returning to the banking sector.

What we see from the NAB results is that banks are increasing their margins. Therefore, the ability to refinace seems to be improving, however any gains in falling interest rates appears to prop up bank margins and have little flow on effect.

It would follow then, that the best course for BBI is to achieve asset sales as has been said on this forum for ages. The repayment and reduction of corporate debt is still the key to un-locking BBI's value through asset sales and partnering at book and above.

I see no difference now, that was not known earlier, except maybe sentiment has changed. Happy to keep holding for the same reasons now as back in November.

Cheers