Ann: Estimated Distribution - June 2009 , page-21

"It makes you wonder why are they even bothering?"

Hi mate,

They have to pay a distribution because of the nature of the business structure (being a Trust). It is required by tax law to distribute all earnings as a dividend. Given what is going on with their Japanese bankers, I think GJT's preference at this time would be NOT to pay a dividend at all.

I could be wrong on this point, but that was my understanding...it has to be a token amount.

Am happy to be corrected - I'm not an expert.

Regards

Coop