rough estimate nta 40c 30 june 2009, page-17

Remember folks that the NTA estimate of 40c is at 30 June 2009

The "LIVE" NTA is getting stronger and stronger by the day

AUD is now at 83.85

Capital hedges should slowly and surely get closed off at no cost

Also FX income was hedged at a weighted avg of 0.70 as at 31 Dec 08.

CER is overhedged with regards to FX income from 25% to 50% from FY10 to FY12 (pg 45 presentation)

As we are significantly overhedged, CER will be realising an FX receivable when these contracts settle.

The FX receivable becomes more favourable for CER with every north pip movement in the AUD.

Please keep this in mind also

Cheers