Ann: Investor Presentation, page-6

Thanks Grimloq. I thought you were way more negative in your previous post, but this one is nicely balanced. I completely agree that Fund 1 was a bit poorly structured, but having been involved in numerous company transformations, I do understand why they favoured the NCIs in this one, in order to build the momentum to transfer the business from high risk, on balance sheet business to a fund management-style business. In honesty, I've been following OBL since its old IMF Bentham days. I liked the potential of the business back then, and have increased my stake over the past 8 years. I like it's current structure far more now. Fund 1 always seems like a bit of a dog, once I understood the structure of the fund. Not terrible, but not the best structure. However, I think I understand the psychology of offering the PE investors a better deal, especially in what they were billing as an uncorrelated 'alternative' investment. I like their later fund structures better, and it's clear that they have generated sufficient interest that the terms are playing more in OBL's favour than earlier funds. Agree the WACC not great at present.