Potential takeover/merger, page-2

Hi Pant,

I've been reading the MAC presentation. It does appear they want to significantly reduce existing debt.

MAC is focused on optimising its balance sheet, which includes de-levering,
and believes that this placement will enable MAC to put in place a more typical
balance sheet commensurate with the asset quality and maturity of the
business. Investor feedback has been for MAC to move to a more typical long-
term capital structure.

But as you say the last line talks about "providing additional flexibility to pursue strategic inorganic growth opportunities."

With our market cap of <$300 million I reckon MAC could manage that.

All the best.

KKR