cnp buyout: really, page-43

Details regarding net tangible asset backing are stated in CNP's 31 December 2007 accounts as follows:

Year 31.12.07 30.06.07
NTA $1.31 $2.29

Securities 896,421,000(2007) 896,421,000(2006)

(NTA) Net tangible asset backing per security after adjusting for intangible assets held by equity accounted investments.

(Securities) Number of securities outstanding at the end of the period used in the calculation of net tangible asset backing per security.

The impact of the writedowns has contributed significantly to the reduction from $2.29 to $1.31.

The NTA figure of $1.31 is very conservative, as it is calculated after excluding CNP's directly owned intangible assets and the intangible assets held in other entities which CNP accounts for using the equity method.

The net asset backing of CNP based on its 31/12/07 balance sheet, including intangibles, is $2.68 per isssued security.

Remember net assets is assets after subtracting liabilities.