Ann: VHA TPG Proposed Merger, page-32

Not sure on value, but post-merger VHA would own 50.1% of the new TPG. HTA owns 50% of VHA, therefore 25.05% of new TPG.

Using the formula in their announcement (pg 15 5.3n) & based on current TPG shares on issue (not sure how many may be issue up to scheme record date/conversion of performance rights) I get this-

	Column 1	Column 2
1	HTA Shares on issues	13,570,000,000
2	TPG Shares on Issue	927,810,000
3	TPG Shares issued upto merge	-
4	VHA shares in new TPG	931,528,677
5
6	Total new TPG shares	1,859,338,677
7
8	HTA share of new TPG	25.05%
9	HTA shares in new TPG	465,764,338
10	Pre/Post share ratio	0.034

If my calculation is right, for every HTA share, you would receive 0.034 new TPG shares.