Ann: Preliminary Update on Property Revaluations , page-28

re: Ann: Preliminary Update on Property Reval... snowfree,

THanks again. As I said in a previous post, the 5% decline and the resulting decline in NTA should be partiually offset my the currency appreciation.

As long as occupancy is stable across retail and residential and office occupancy/vacancy has been managed then I am not concerned.

Also, as I previously said, although it isn't going to dent the debt, I would not be adverse to lower distributions if the money is used to wisely amortise debts. This will innevitably lead to higher distributions down the track.

Cheers and good luck.