Ann: 2009 Unitholder Briefing Chairman and CEO ad, page-6

re: Ann: 2009 Unitholder Briefing Chairman an... My thoughts:

- Earnings @ 7 cents with almost 20% of the portfolio still to be leased. How long before SP = earnings? 12 - 18 months is my best guestimate.

- NTA marginally down but does not present any pressing issues. Valuations may deteriote a little further but not by much I don't think. 70% discount to NTA leaves comfortable room for this.

- I wish that when they were doing a unitholder briefing they'd actually try and release some new info to market. Makes it very hard to ready a whole preso thinking "I know...I know..."

- Here's the kicker. At some stage interest rates in the US are going to rise (heaven forbid) and the AUD is going to deteriorate in value, which is a little nugget of gold to look forward to. Still not a ST trade, but if you're in this for the long term I think good rewards to be made.

JT