Ann: IFN Target's Statement in response to UAC offer, page-7

The IFN board’s endorsement of the Iberdrola bid is subject to an Independent Expert (IER) determining the offer is fair and reasonable for shareholders...I wasn’t a TLT shareholder at the time so can’t comment on what went on there with the proposed takeover, but it doesn’t sound dissimilar to the current IFN situation (and it’s customary in “friendly” takeovers to get an IER to inoculate directors from allegations of bias and potential liabilities). So we the minorities are protected through the IER process to some extent...although this process can be gamed.

That said, we are still seeing healthy volumes above iberdrola’s bid price so despite a retrace the market still clearly thinks there’s more water to pass under the bridge. As do I...