Ann: Appendix 3Y (Raphael Geminder), page-28

to be conservative, we need around 8 614 130 shares. Short answer.

More complex answer, many of those shares or all of it belonging to us. Even if Citi wanted to sell to RG, they can't because even if they do, RG can't change the outcome and he lost his undercover (assumably if Citi is the one). RG tried to keep at least one undercover on the market to manipulate the price. Therefore, RG needs 3-4 % he needs around 13-14 million shares but for us, we need around 8.6 million shares to safely secured or 3.5 million shares (but got to be from HSBC, JP MORGAN and Citi).

When you remove those institutional shares, RG will have to clim through mountains to get to everyone else.

So either 8.6 million shares in hardway for us or we only need those three institutional shares and RG will left in naked to do anything.

Just my thoughts.