Ann: VHA TPG Proposed Merger, page-60

Hi bumskins,

@taimoor164 is correct to point out that the enterprise value should not be affected by the separation of the Singapore operations or the special dividend which TPG may (or may not) even end up paying.

I think you misread how I was valuing HTA. I used the share price increase in TPG as a proxy for how much HTA should have also risen as well (based on the assumption the low volumes traded in HTA increased the likelihood that it was prone to being mispriced).

With regard to the Singapore operations, given the increase in TPG's share price was driven by the Merger, you could argue that the Singapore operations should actually be a drag on it because it gets no benefit from the merger being effectively spun out and issued separately to shareholders of TPG. In any case, I excluded this in my back of the envelope calculations as I am assuming it is to small to have a meaningful impact.

With regard to the special dividend that TPG may or may not pay out - the purpose of this appears to be simply a way to reconcile the estimated vs actual value of cash and debt from TPG's operations between now and when the deal is closed.

In summary, you raised good points - but they were considered and excluded for the reasons described above.