cnp v cer, page-8

Centro Properties Group ('Centro') is a retail investment organisation specialising in the ownership, management and development of retail shopping centres. Centro manages both listed and unlisted retail property and has an extensive portfolio of shopping centres across Australia, New Zealand and the United States. With funds under management now exceeding $26.6 billion Centro continues to maximise returns to investors through its customer focused and value-adding team based approach.

All the above means that CENTRO owns all the asset bought in this name. Most are in Australia



Centro Retail Trust (“CER”) is an Australian Securities Exchange (“ASX”) Listed Property Trust managed by Centro Properties Group (“Centro”).

Listed in August 2005, CER offers investors an attractive, stable income return with exposure to quality Australian, New Zealand and US shopping centres. CER's portfolio is valued at A$10.1 billion.

Means that they do not own it, but they manage the funds that the shareholders gives them. Most of CER properties are in the USA. Considering that the USA ones are the one that we have to worry about, I would say that Centro USA shopping centers might have more risk than the Australia counterpart.

Regards