careful, page-7

Samquest,

Now I know why you make such comments.

How do you explain their initial decision to make dividend payment then?

the bottom line NPAT being negative was due to non-cash writedown on property and goodwill as per IFRS. Their cash earnings was still strong with EBITDA of AUD301mln. Hence, they were able to make announcement on dividend initially.

It is true with most REIT under the current environment that they will have large non-cash writedowns being mark-to-market value writedown, which are non-cash.

In assessing the cash earnings, you should look at each business division and how they were performing last HY, what are the changing market conditions, how much they lost in disposing assets, etc.

I suggest u start from the FY2008 AGM presentation or its annual accounts and focus on cash earnings, rather than bottom line NPAT.