PLife – Lim and Tan

• It took TPG 6 days to announce it has sold out of PLife at 41.56 a unit on Sept 22nd but “crossed” on the 23rd.

• As the 56.25 mln units crossed on Sept 23rd matched the holdings of TPG, the latter’s exit had not come as a surprise to us.

• As the block represents 9.3% of PLife’s issued, a single buyer would have to identify itself. As such, we believe the 56.25 mln units went to more than one party, hence the “discount” to the $1.67 market price the day before the “crossing”.