looking strong this morning, page-2

low, low risk - 40% upside CIX's balance sheet value of $1.10 is not reflected in current share price of 49 cents. Here is what Hunter Hall said about them a couple of months ago:



Calliden (formerly Reinsurance Australia) at 47c is off 27% from its January high. This company is now selling a
very small premium to book value (43c per share) and has just gained a general insurance licence with excellent
medium term prospects. When its underwriting business matures the company could earn between 5 and 10c per
share. It has 32c per share of franking credits and tax losses of up to 66c per share. Go figure, as our American
friends would say.


Read the whole letter at:
http://www.hunterhall.com.au/pdf/AVT-letter-0605.pdf