Good morning Printingmoney247.A lot has changed since that time...

Good morning Printingmoney247.

A lot has changed since that time in Nov 2008 with regard to global sentiment for investing in large assets like those owned by BBI. At the time, we had seen event after event unfold, that we simply could not predict nor see any clues of its arrival.

Earlier this year, I started to notice the 180 degree turn around, as investors started to return. That is what sparked my interest in taking a position in BEPPA. Macquarie had just been appointed, I putting 2 and 2 together, I knew the boys at MQG were not going to let these assets just slip away.

The events of the last week did surprise even me. I took the family away on Thursday night for the weekend, so did NOT expect to spend the entire day on Friday glued to the laptop. I had an initial read of the announcement, and thought that after most people read it, they would panic and dump. My initial thoughts were that management could not risk the share price rising to much, so that is why the announcement was so carefully worded to include all the possible down side risk. I increased by BEPPA holding by 50%.

I have since re-read the announcement a number of times....and after reading all the negative interpretations by some well respected HC members...can see both sides. I guess at the end of the day, I still rate the assets...and I still believe MQG is the best placed party to extract the maximum interest for those assets. I am not hiding from the obvious risk surrounding every step of this journey....but simply no one knows where this will end...so I backed the assets and the management to do the right thing.

Should be an interesting few weeks.

Kiril.

I hold BEPPA.