Ann: URF Monthly NAV, Buyback, CPU and US Platform Update, page-33

Firstly, Mr or Ms Failings should be complimented on the detailed work undertaken. Thank you.

Given a (failed) bid of arguably around $80-85 and in theory a lower price more attractive to a Corporate Buyer of say $70 (+?) why would sellers react in absolute droves in the low $50s when rental income is continuing, the buybacks will increase NTA per share and the managers are doing a good job? What really is in the Dixon advice? What is being told over the phone? Is there a real risk that URF loan interest rates might increase substantially - given latest trends - and impact poorly on NTA?

The next extensive accounts will be useful.