Ann: Presentation (Euroz), page-75

Swann,

In-spite of my harsh commentary on management I also have a large high conviction holding and also talk to management and the Chair. Depending on how long you have been in, it must frustrate you as it does me that they do not execute, or meet their own self determined commitments.

Asset quality is a + but I always look for management that can and do deliver. These guys, on their unvarnished track record do not.

So good asset, dud board and chair. I'm in for a pound, but that does not mean I am on any cheer squads. I expect results and will speak ill of those who do not deliver.