Ann: Change in substantial holding, page-2

Interesting to note that Matthews International is selling down. Actually the top 3 funds now still have voting power of 25%, with 13+% from CCL, 6+% from Lazard, and Matthews International of 5+%. If they combine their powers, they could actually vote down the takeover if they want to. With Matthews selling down, just CCL and Lazard alone has 20%, which requires 5% from retail to vote down the takeover to extract a higher takeover price from TPG.