asset values, page-5

what about the $900M of additional write downs they took as part of the recap? These have not gone through the books yet. They need to be factored in.

$1.5B of new capital was introduced and a increase in the value of DBCT is necessary, but $900M also has to come off these figures. Also costs of the recap will need to be deducted as well. Must be $50M or so at least.

Still, I am sure at $5.08 entry point, I am sure the CI was still getting it below NTA. A total guess at this stage, but I reckon around $6.

31 Dec accounts should give us a clearer picture, but you will not see those until the end of Feb I suspect.