Ann: Proposed Restructure for KBC-KBC.AX, page-4

With KBC make sure to allow an impact from the write down in their Aurora acquisition but even after that I was thinking their NTA should be 20cents. Though interesting to see in the Wilson announcement they mentioned something about a 15-20 cent range, guess it is standard games from the aquirer.

When looking at HHY keep a very close eye on CSE. I think this holding may be 25-30% of the HHY portfolio now even? Obviously with CSE, watch SYR because all that CSE is a vehicle holding an SYR stake.

Hope I didn't confuse things there!