Ann: Notification of cessation of securities - TGP, page-21

The question is would you like to hold TOT or HPI through TGP. The basic operational costs of running the business is about $1.5m with about a 7c NAV value. The funds management business has little value attached to it and I think it is this that has lost the most in the TGP share price. I would be comfortable for them to sell this business (the value is in managing TOT). Sell the HPI shares or at least in-specie them to us. If he does all of this we could realise 80c of value (more in a low interest environment). Will this happen? Probably not because Tony Pitt will privatise at say 65c and he would get most of this value. It is trading at what I estimate is at least a 25% discount to NAV (allowing for HPI & TOT revaluations with higher cap rates). So if TGP falls more then the value is in TGP.