- We are not taking a position. Wedon't like swimming against the tide. The idea of turning L&C pubs into managed pubs is an old one and has clearly been difficult to execute. We appreciate the potential

in the strategy, but consider it for the equity. Any disruption on the way will only fan the secular headwinds L&C pubs are facing and if Punch fail to turn around in time, the documents are weak.

- Punch is a bad company with a good balance sheet. That has been so for the last 10 years and we are not seeing any change.

Wolfgang Felix10 July 2023Investment Considerations