Ann: Update of put option, page-32

because in 2014 TFS gave guidance that they would increase plantation sales year on year. The only way they could meet that guidance was by selling them with a guaranteed return. Out of the 1700ha of plantations they sold that year, they sold ~590ha to Frank and others with a guaranteed return and ~400ha to Davidson Kempner - who are a distressed debt investor. That's nearly 60% of plantation sales in 2014 that were basically fake.