another centre sold, page-15

Hi Mpridham,

Pg 22 of the Appendix 4d report says that CER sold its interests in 6 properties for US$107.2m after 1 Jan 09.

Since the release of this report, weve had Stop and Shop Plaza sold for $15.5m. CER's share of this sale would be US$14.7m.

Total value of US properties sold would be US$121.9m.

Conversion to AUD using current exchange rate - US$121.9/0.692 = AUD $171.15m

Total debt at 31 Dec 08: AUD$6.44m (using exchange rate of 0.692)

The exchange rate is still 0.692 so the above figure would not change.

Total AUD debt at 31 Dec 08 less property sales: AUD$6.44b - AUD$0.171m = AUD$6.27b

US NOI for HY 31 Dec 08 was US$206m. Assume it is US$200m for this HY. Then for the quarter ending 31 March 09, US NOI would be approximately US$100m.

US$100m equates to AUD$144m at an exchange rate of 0.692.

$6.27b - $0.14m = $6.13b

Some Australian debt would have been paid off during this HY also.

Total debt may be around the AUD$6.1b mark at the current exchange rate of 0.692.

This figure will fluctuate depending on the exchange rate.