september figures, page-5

Brokers are steering away from CEU ......

Quote:

"We have reduced our traffic forecasts in line with the traffic reported. We
have also increased our FY09 forecast average toll to $3.15 (from $3.01) in line with today's results. We now
assume CEU reduces its distribution from 10.5¢ to 8.5¢ in FY09 and 6.5¢ in FY10, and will be in distribution
lock-up (ie no distributions are paid) from FY11 until FY13 (after which its DSCR will exceed 1.35x). Our
valuation has declined to $0.85/security (was 0.96¢) and we have lowered our price target to $0.67/security."

Sorry to be a bearer of bad news guys.