​After lengthy discussions with Bank Audi regarding a combination of the two businesses, it became evident, after the events of 2008, that an amalgamation in the near future will be difficult. With one investment, without control, representing over 50% of our adjusted book value, it became clear that a divestiture should be considered. We created a liquidity event at a price that is at a premium of 10%-15% to the then ongoing share price. While the placement of our stake is worth approximately USD913 million, we managed to sell it without a block trade discount and at a premium. Nevertheless, we remain of the opinion that Bank Audi is well positioned to become one of the most important players in banking in the region.    EFG Hermes takes great pride in having provided support to Audi over the last 4 years and is happy to see the Bank where it is today. From a financial point of view, the transaction leads to an unconsolidated capital gain of USD260 million. On a consolidated basis, as we are accruing our share of Audi profit minus the dividend received on our balance sheet (equity method of consolidation) the consolidated capital gain will obviously be significantly less and can only be reported after Audi publishes its 2009 figures. EFG Hermes believes that a number of opportunities could make strategic sense in the foreseeable future. With our strong liquidity, we believe we are very well positioned to take advantage of these opportunities. It is time to bid farewell to our investment in Audi and we wish Audi and its management the best of luck.