distributable profit forecast 31.12.08 is 7.2c, page-5

Hi CT

Thats right. I dont think we'd get 7.2c

I do think though that the div policy will come through either on or just after 15 Jan.

Its a trust and distributions are meant to be consistent.

I think the distributions will balance the needs of CNP needing the money to service the hybrids, avoid paying a hefty tax due to no distribution and retaining some earnings to reduce the gearing ratio. Also to appease CER holders other than CNP.

Cheers