Astaldi update following leak

All,

Following the leak of Salini’s bid for Astaldi, please find the new analysis here.

At this stage all is dependent on the binding commitments Astaldi receives in lieu of the comfort letters it appended last week.

Despite the significantly improved detail we have on the plan, not all of the leaked copy is actually legible and in sum, our projections for the remaining going concern of Astaldi have been quite accurate.

We remain long the bonds with a small position.

Wolfgang