debt schedule, page-7

CT,

The calculation takes into account the CSF properties that have been sold.

You will need to subtract the debt facilities that are highlighted in yellow.

Also need to subtract another $38m for Cortlandt, $20m for Hannaford and say $100m in debt paid off since 30 June.

Debt in the amount of say US$200m has been paid off.

So $187m divided by $3.42b = 5.46%

If you look at some of the major debt facilities that were rolled over last month, the interest payable is quite low and from what we can gather in the ann, the additional basis point charge has been maintained.

Some examples of large debt facilities with a low cost of debt are shown below:



Galileo America LLC (4) 30-Sep-08 $107.3 - $111.5 4.25%

Revolving Credit Facility (4) Yes 30-Sep-08 $252.3 - $262.1 4.45%

Southland Shopping Center (4) 30-Sep-08 $44.7 - $46.4 4.24%

CMBS-Merrrill Lynch 31-Aug-12 $164.4 - $170.7 5.15%

CMBS - MLML 01-Sep-15 $197.6 - $205.3 5.17%



Cheers