This is very difficult to determine as the variables are too...

This is very difficult to determine as the variables are too sensitive. I'll have a go none the less.

ASSUMPTIONS

1) True NAB per unit is $1.17 (based on true portfolio cap rate of 8.5%, not 7.5% as published. Still a number of Dec 07 valuations on the books)

2) Based on point 1) above true TLR is 68%.

2) Fire sale of half the portfolio at 20% discount to real and current market values (current market values based on 8.5% cap rates above)

3) TLR comes down to 56%. (still short of 55% but distributions can close that gap)

4) Final NAB per unit = $0.80

If you said - well what if the banks sell at a 30% discount to current market values, the answer is they would need to sell about 90% of the portfolio and the NAB per unit would be about 18c.

You can see how sensitive the variables are.