So, our dear sponsor of the EPL plunged some 23% since its peak in Oct, during which one of our two soverign funds swallowed up a whopping 3% stake. And you may wonder where have a portion of our reserves disappeared to. Now, I'm not saying that Mr. EPL Sponsor is a bad buy. Afterall, it did look somewhat attractive back then with 4 consecutive years of double-digit ROE and a possible acquisition of a dutch bank at hand. Unfortunately, things didnt pan out in their favor and the rest as they say, is history. But what I must say though, is that the timing of the transaction is impeccable - the classic mistake of buying at a high?? Of course, Mr. EPL Sponsor isnt the only one penalised in this subprime crisis where everyone has a part to play and a price to pay. Yep, everyone. So people -up there- should stop denying that we, the almighty and ever resilient sgp is not affected by this crisis because clearly, we are.