Some answers from BJT....Thank you for your recent enquiry....

Some answers from BJT....

Thank you for your recent enquiry. Please find responses to your
questions below.

1. On 1 August 2008, BJT announced that it had monetised some of its
capital hedges, reducing the capital hedge on net investment assets to
20.4% (I have attached a copy of the ASX release for your reference).
These hedges were entered into at an AUDJPY exchange rate of 101.9, so
as the exchange rate has declined from this level, the hedge contract
has moved out of the money and will mean a loss is incurred on the
hedge. However, as the contract only covers 20.4% of the net investment
in Japanese assets, the increase in the investment value of the assets
far outweighs the marked-to-market loss on the hedge contract. This
means that as the exchange rate has fallen, the net tangible asset (NTA)
backing has increased. At current exchange rate levels, NTA is closer to
around $1.90/unit.

2. There is no recourse in any of the BNB lending agreements to any of
the BJT assets, even in the extreme case of insolvency of BNB.

3. The next distribution will be the interim distribution for the half
year period ending 31 December, 2008. We will announce the amount of
the estimated distribution around mid-December, with the payment
expected to be paid around the end of February. Our distribution
guidance for the 2009 financial year remains unchanged as we announced
to the market in August, ie. we anticipate the FY09 distribution will
not be less than the FY08 distribution of 13.05 cpu.

Regards,
Rebecca



Rebecca Hill

Level 23 The Chifley Tower * 2 Chifley Square * Sydney NSW
T +61 2 9229 1800 * F +61 2 9216 1752 * D +61 2 9376 8594
www.babcockbrown.com