Ann: Letter to shareholders re Arrow Proposal , page-19

ML's holding maybe part of a defensive move against Arrow in the event they go hostile.

If ML was the enemy, better to bring them in close especially if they have a good team. When these guys sniff advisory and success fees, switching loyalties is all in a days work.

Also its much better that the Board has access to two advisors when they receive an offer like this to ensure they get a diversity of views and opinion. Also the advisors have diverse networks including institutional holder relationships so they can see which way the wind is blowing etc.

I think Arrow may indirectly control close to 20% of BOW via DB, UBS and NAB.