call to investor relations, page-37

Ok guys,

I just got off the phone with helen.

She was very difficult to get information out of, seemed very busy and intent on making it a short phone call.

I first of all asked her about the rising interest costs, which she replied by saying that they could be passed on through the regulator, but as no regulatory review has occured these are unable to bepassed on as yet.

Secondly i asked her about the managment agreement and the possibility of a resolution being passed at the agm to remove them. She sounded very taken back and very defensive, before i realised she had missunderstood me as saying mangament, ie the board.

Once this was sorted out she said it is still i high priority however it is very complicated with the hybrids etc. She did however mention that no incentive fees are being payed, and if i remember correctly she said they have only been payed 2m this year.

Lastly i asked her about dbct sale process which she said she couldn't answer much due to the blackout, all she said was that a sale update will be given with the full year results.

This fits in with my beleif that the impairments where given early so as to not limit upside at or near the full year results release.


Cheers