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Hi SG

Have you got any recent shareholder notices with regards the CBA and its sell down?

I don't quite follow your idea re the fx issue - If USD investment houses bought in when 1 aud =.90 vs now when 1 aud = 1.07 then when they convert back to USD they will have made a nice gain , assuming the share price that they bought in remains reasonably constant. Conversley If an Australian fund invested unhedged into US stocks/managed funds at 1 aud vs .90usd vs todays exchange rate then they would be sitting on a nice big loss assuming the Us denominated stock or fund hasn't risen significantly in value...

With all due respect I think its a long bow you are attempting to draw with regards the fx being a significant issue for the major OS based shareholders in NCM. Perhaps you could clarify?