ex beppa holders, page-31

If I recall correctly Hastings held ~ 8% of BEPPAS also a larger share of the NZ SPARCs

If AETD sold for $2 bill then ~ $150 to $200 mill to BEPPA holders i.e. 20c to 27c/ BEPPA.

The $518m corp debt has $259m requiring refinacing in Jan 2011 with the balance in Jan 2012.

This may impact on timing of sale - but hopefully not as BEPPA holders want maximum value i.e. sale price less costs.

Unfortunately there is no transparent process in place but I hope the larger BEPPA holders are representing our intrests along with theirs.

This has been one heck of a ride :)