Half Year Results, page-5

The ROE is lumpy but in fact they suddenly have very high ROE when they sell large assets - that happened when they sold assets out of NHC and were cashed up. They also have a lot of capital tied up in manufacture and have an upgrade policy so that they are always competitive. The measure I use is the compound growth vs the asx. Shareholders return is the real measure for me. They have not performed that well in the past say 4 or 5 years and I think that was because they always had one sector doing badly. I think that they now have building back doing well and hopefully NHC doing well. Then you are left with TPG - who knows how they will do - anything involved with the government - NBN is like going to a Crown Casino.