Here Comes UBS Again!, page-5

ask yourself the following q's:

1. will demand for annunity type products (given aging pop / chg's to super legislation / low rates on cash / pop growth) be higher or lower in 10yrs ?
2. given their brand, will their mk share be flat or inc over same period?
3. given that most of the big banks and AMP are getting out of distrubition / product manufacturing - will this be +ve or -ve for Chall ?

in the short term - there are most definity some headwinds:

1. potential for blow-ups in the MBS market
2. prop prices likely to go down/sideways
3. how will CGF addres the fact that some of the v large industry funds may offer competing products (with implications for margins)
etc etc ......

I think the primary risks are the MBS market is the main risk for CGF.

UBS just looking for a "short" on the aussie prop mk......

low 7's - becomes v good medium term opportunity (imho)

rgds
V_H