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DeleveraginghasforcedmanyassetsintodistressedterritoryConvertiblebondsrepresentanassetclasswithlimiteddownsideandconsiderableupsideAconcretecatalystexistswhichwebelievewillhelpdrivethismarketbacktonormalcy.ARjENTLimited6thFloor140LondonWallLondonEC2Y5DNUnitedKingdomtel4402079650690fax4402076811215emailaiarjent.co.ukwebwww.arjent.co.ukLondonTeamGregoryPerdonDavidTomkinsGregAllsopAuthorisedandRegulatedbytheFinancialServicesAuthorityAlternativeInvestmentsTHEMATIC13October2008