Ann: Conclusion of Negotiations and Settlement with Thai Vendor, page-58

40m is pretty optimistic, Aristo on a normalised basis looks like it can make USD10m+ EBITDA, however DSV has structurally declined in my opinion. Main floor at DSV is down to about THB300m pa, and slots maybe could eek out THB250m net after new deals (assuming they don't lose more market share and renegotiate a roughly 50/50 split to revenue like it was before), but the new competition means these numbers are probably the new normal, or less. VIP is the big variable, and the slots business at 250m a year is probably hopeful as well, what do you think it was for H1, I reckon it was only about THB60m net revenue from slots on THB269m gross?! Costs will come down a bit without legal fees and online, but probably safer to assume they remain in that THB750 range pa. Non - gaming seems solid around THB100m. Putting it all together and that's around the USD13m figure for DSV. Not exactly A40m EBIT, I guess your assuming a big rebuild of the VIP and slots businesses at DSV?