Aggregate - comment

Aggregate had a group of 10 investors in Portugal on Friday and are giving themselves confident that the new funding will come together - including forward CapEx funding for the projects. We have previously expressed our confidence that the VIC situation can be managed, but it was a technical assessment, based on a coercive proposal we see possible in the setup. We’ve also heard elsewhere through the RE grapevine that the VIC Properties should be refinanceable. We remain long Aggregate for 5% of NAV, although we’ve lost some 10 points on the bonds so far.