Subject: Pilot Thoughts
Perhaps I am reading something wrong, but it looks as if we paid a significantly lower valuation for the recent 20% of Pilot than we did for the previous 41.4%.

If I go to K-47 and K-83 of the A/R I think we paid $8.2 Billion for 41.4 percent. So implied total valuation roughly $20 Billion

This January we purchased the remaining 20% for $2.6 Billion. So implied total valuation roughly $13 Billion.

I know there are always closing adjustments but that is a pretty steep drop if I did it right.

Tony