Ann: Acquisition and Demerger Schemes Independent, page-2

re: Ann: Acquisition and Demerger Schemes Ind... It's got me beat?

Why in the world would Shell offer more than the independent expert's value AOE to be worth. Shell must be just plain generous?

"Assessed fair market value of an Arrow share (Section 6.2)

low = 4.00 high = 4.40

Consideration offered low =4.70 high = 4.70
Source: Deloitte analysis
Note:
1. All amounts stated in this report are in Australian dollars ($) unless otherwise stated and may be subject to rounding
The consideration offered by CS CSG is above the range of our estimate of the fair market value
of an Arrow share. Accordingly it is our opinion that the Acquisition Scheme is fair."