bidders statement - counter view, page-8

The following text was sent to the company secretary this morning. Will let you all know if and when and what response is given.

Have a great day!

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I refer the recently published bidders statement dated 28 March 2011 regarding the off-market bid by EPN EDT Holdings II LLC. In particular I refer the matter of tax issues outlined in that document at page 29 and 30.

It is concerning to me that the risk identified is contingent upon the extent to which EPN EDT increases its holding and/or regulatory application of US federal income tax laws. My interpretation of the material presented suggests this risk is accentuated as a direct consequence of the bidders actions and potentially has material financial impacts.

In your capacity as Responsible Entity can you please:

1. Confirm that presently for US federal income tax purposes, EDT Retail qualifies to be treat as an REIT for income tax purposes;

2. Advise that in the hypothetical event that EPN EDT secures greater 84% of the target, what financial implications will this have for the Trust.

3. Lastly, the bidders statement and recent presentation provide little insight into possible and / or probable distributions which may be made. Is it possible that you may provide guidance as to:
timing for re-commencement of distributions and the target quantum of distributions; or
commentary on pre-conditions which must be satisfied so that distributions can be re-instated and so restoring the purpose of the Trust.

In advance, I thank you for your assistance in this matter and look forward to your earliest response.

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