takeover bid matter of when not if, page-40

Given the huge loss of shareholder value from July 2007 -January 2008

The transfer of title is not in the least bit surprising. This shows just

blindsided the directors were by the credit crunch.

The fact that they did not elect to transfer their assets earlier is a measure of how confident they were in the future of Centro.

Confirmed as well by directors purchasing CNP stock at market prices right up until Nov 2007.

These are the points that will weaken the case for the prosecution IMO!