tiof evaluation, page-3

Hi Butcherano

It is an 8 page review of the Tiof situation by Bell Potter with particular emphasis on HDR. Assumptions, timing and valuations are provided. One of my brokers sent it to me and he is very bullish on HDR.

It is not marked confidential but only Bell Potter clients would be able to get a copy. I have tried copying part and all of the pdf without success. I could extract some of the information but most people here would I am sure prefer to read all of the article to put it in context. Also Bell Potter deserve all the credit and deserve to be quoted in full.

I will go back and pick out a few conclusions.

Complex