Ann: December 2008 property revaluations , page-4

I am appreciative of BJT giving their valuations early. I like to use them as a guide for the what the GJT valuations will be.

I note that the decrease in valuaations was 4.7% over the last six months, but I think that is understated. Note the announcment says we only revalue if the valuation is more than 5% from our current fair value.

So, they had 29 of 41 properties revalued - at much more than an average of 4.7. The other 12 properties must have fallen by less than 5% - but surely they have fallen.

I will guess reality is the valuations fell about 7 to 8% in the last 6 months. As the valuations ease down over the next six months in June08 there will be another bump down.

All that tells me that GJT is going to breach covenants as they are right on the edge, and a fall in valuations will push them over.

So I thank BJT for reporting early!