thoughts, page-2

some thoughts after browsing the 2008 financial report

asset management income increased from 792,146,000 in 2007 to 1,690,896,000 in 2008. however,
the asset management expense increased from 417,124,000 in 2007 to 1,473,255,000 in 2008.
are they really good at managing assets? maybe " yes" but only at much much higher costs.


impairment of loans and receivables jumped to 754,954,000 in 2008 from only 47,384,000 in 2007.
this is to question their credit policy. that implies that they have got an extremely loose credit
policy.




for noteholders, the issue of the notes was basically a trap. to noteholders, the borrower was BNB. but BNB
sub-advanced the fund from the issue further to BBIPL on the terms that basically never allow
the fund to be repaid to BNB. so even the notes are due, BNB will never get back the fund from
BBIPL unless BBIPL is wound up to pay off the senior debt facility first. BNB, however, is
a shell company.