The only references I have seen regarding D2E is for the CNP...

The only references I have seen regarding D2E is for the CNP entity.

I have seen no mention of D2E for CER - there would a case to suggest that CER probably didn't need one at this stage.

D2E swap was mentioned in the address at the AGM for CNP but not for CER. I think this gives a clue too.

The debt issue with CER is the SuperLLC joint venture with CNP, but as has been said over and over, this exposure is ring fenced.

The main issues facing CER are a) recapitalisation of SuperLLC b) the status of the hedge book with CNP and external parties c) the impact of economic softening in the US.

Just on SuperLLC... if CNP falls over, CER will have to write off it's stake in the business which accounts to about 28c per share from memory. Of course if a long-term stabilisation plan is put in place for CNP, CER will be able to write back the $300m impairment charge it took last half. That will be some much needed good news if it happens and equates to about 13.6c per share.