[maguirets]

Hi.
I have been studying your Henderson Land Development for a few months. I noticed that Third Avenue has invested heavily it. This leaves me with two questions.

• Is buying a block of shares under HLDCY the same as buying a block of shares under HLDVF?
• I have read several times that the Henderson Land Development is looking to privatize.
  • Is there truth to this?
  • How would that effect a shareholder of HLDCY compared to a shareholder of HLDVF?

Thank you so much for your insights.