Ann: Net Tangible Asset Backing, page-3

The net short exposure is minimal. It's basically market neutral. Back in October I posted a lengthy analysis of historical and expected returns. The conclusion was that Braitling had no stock picking ability, so if market neutral was maintained you'd break even. Over the last 12 months the NTA has dropped 2c, but we received a 2c dividend. Pretty much as expected. I also made a comment that it was up to each of us to decide whether the NTA discount was enough to make it a 'buy'. Apparently not many think so, as the discount is sitting at its highest since April 2009.