Volume Spike, page-39

A little bit more valuation precedent coming through yesterday with Garda (another small REIT with two office properties along with some industrials) reducing their book value by 15 percent and taking them both out to a 6 percent cap rate. I just did a bit of rough comparison to see how comparable the properties might be to our three and they are all classed as "A Grade" although the two Garda properties are both in Victoria and priced between 50 and 60 million whereas we're across three states and have a 50 percent share in the much larger Cremorne property (150 million valuation) and an 80 million property in Canberra.