symmetrical triangle, page-9

So, from the technical analysis, it could do this or do that. We are none the wiser, as usual.

I wrote to the Company Secretary yesterday to express my frustration at the lack of progress, news, action etc. Here is his response this morning (only slightly edited for relevance):

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We appreciate your concerns and we are acutely aware of the frustrations of some of our investors in relation to AEZ’s position and a solution to restore value.

We can assure you we are doing everything possible to identify and deliver a solution which provides maximum value for AEZ’s investors however the circumstances are challenging. The amount of capital required to address covenant issues (as set out in our results presentations) and stabilise the vehicle is significant and the real estate markets in continental Europe have remained very weak for the past 12 months, hampering our ability to sell assets on terms which are sensible for investors.

We have endeavoured to provide as much information as we can with respect to the efforts to address the fund’s financing issues without jeopardising those efforts themselves.

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We appreciate your patience, the right solution requires it, and I can reiterate our team is doing everything possible to protect your investment and recover value.

Regards

John Freemantle | Chief Financial Officer