notice of merger closure, page-8

Hi IandW and EMC,

BAM seem to have a good long terms track record and also in Canada.

Having said all that I like the BIP in terms of DBCT and also they got PIH for a steal.

A bit each way is where I'll end up but currently all BIP and think we will get a climb once things settle down from the 'merger' (l.o.l) and some profits start coming in. Remember BIP will be banking AUS$ even though I expect a lot of contracts hedged in USD$.

Interesting to see if any BEPPA $ from AETD sale ...would be a nice start to the year.