Ann: Market Update , page-7

jossette, I went to filings and first half 2011 EBITDA was $13M (approximate). Does Futuris tend to get more EBITDA in second half of year?

If we estimate even $30M EBITDA for 2012 and give the 6x multiple, that is $180M, which certainly agrees well with your book value number as well.

Do you know the Futuris balance sheet? Does the business have separate net debt? If Ruralco is proposing to just give this business (unsold) to Elder's common holders, understanding the net gain on sale is important to valuing that offer. If $180M were a net gain, that is 40 cents to ELD common, which is a huge giveaway of value.

I expect that the business probably has some separate debt and we would have to extract that out to get the real net gain on sale.