puzzle solved - gr great job, page-53

hi all (esp Blackrivered and MMM)

There still seems little agreement between any posters here on the hybrid type, conversion ratio, buyout/payback amount and most other details about it. Most seemed to be making assumptions and then posting in unclear Englsih etc.

I phone Investor Services and emailed CNP direct (as per advised on ann.). Below is the email reply from CNP - it adds little.

We really need an opinion, written in clear English/maths from a someone who knows exactly what a hybrid and what this hybrid is.

From: Justin O'Brien
Sent: Thursday, 18 December 2008 12:07 PM
To: Mitchell Brown
Cc: [email protected]
Subject: A$1.05 billion hybrid security coversion Shareholder approval

Dear Mr Brown,
Can you please clarify the timing of security holder approval referred to in last sentence in the 2nd "key term" in the Dec 16th 2008 ASX/Media Release addressing the A$1.05 billion hybrid security:
"Any conversion to ordinary stapled securities would be subject to a number of conditions, including approval of Centro ordinary securityholders".
There is significant debate among many investors/commnetators about whether this means:
approval at maturity i.e. 7yrs OR
approval in the near/short term (e.g. before or soon after documentation of the refinancing)
Yours sincerely,
Justin O'Brien

From: "Mitchell Brown"
To: "Justin O'Brien"
Sent: Thursday, 18 December, 2008 11:08:14 AM GMT +10:00 Brisbane
Subject: RE: A$1.05 billion hybrid security coversion Shareholder approval

We have not provided a timeframe on this, but it will have to occur prior to conversion. We will make further announcement in this regard in January when we complete documentation.

| Mitchell Brown | Corporate Marketing Manager | Centro Properties Group | [email protected] |
| Direct Tel: +61 3 8847 1890 | Mobile: +61 437 147 366 |
| Office Tel: +61 3 8847 0000 | Office Fax: +61 3 9886 1234 | Website: www.centro.com.au |
| Corporate Offices, 3rd Floor | Centro The Glen | 235 Springvale Rd | Glen Waverley VIC 3150 |