Yes - I am very familiar with BoAML. Yes BoAML operates in...

Yes - I am very familiar with BoAML.

Yes BoAML operates in Australia as a broker, PB, corporate finance, ECM. But none of these desks would hold stock in something like 1PG. The prop desks at banks are the ones which used to trade using the banks balance sheet and might have punted on 1PG, but most of these have been closed down. And BoAML definitely does not have a prop desk in Oz. Alternatively asset management divisions could hold it, but ML does not do this in Oz.

This is a swap agreement. It is not BoAML holding 1PG as an investment.