Analyst Note
| Henry Heathfield, CFA |With Evergrande outlining that it will make its interest payment tomorrow, we thought it was worth writing a note that attempted to outline what we felt might be the largest European insurance exposures. We essentially think that Ageas, Prudential and Swiss Re are probably are most likely to have the largest real estate exposure within China. However, we don’t change any fair value estimates as a result of this preliminary investigation and needless to say we think any potential impacts are minimal. We also maintain our no moat ratings across these three companies.