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Note 26

For the Year Ended 31 March 2010

UNSECURED SUBORDINATED BONDS

Note 26

At maturity the bonds can be converted at the option of the Company to ordinary shares based on the market price of ordinary shares at the time. The bonds are fully subordinated behind all other creditors.

At 31 March 2010 the subordinated bonds had a fair value of $274,286,000 (31 March 2009: $279,080,000). See note 38 for details of fair value estimation.