***in they come**********, page-2

Might be time to take profits
Huntleys' Recommendation

--------------------------------------------------------------------------------

Last Analyst Update: 27/10/2004
Recommendation Switch to MBL or RCD
Last Price 3.17
Market Cap 4,535
Sector Transportation


Rating Outlook
Although MAP has a simple investment strategy it has a complicated operating and financial structure involving trusts and a Bermuda-based company. This financial structure is far from simple and a map should be provided to all those looking at investing in MAP. While the assets MAP has invested in appear of good quality the events of 9/11 have, like it or not, significantly altered the attractiveness of the asset class. We argue that MAP should sell at a substantial discount to asset backing. MAP is therefore not for conservative investors. The distributions are a combination of capital return and unfranked income. There is no tax paid by the entities in which MAP invests which is of some concern should the Australian Tax Commissioner take a different view. We do not like the MAP structure or the financial engineering behind it and recommend Sell and Avoid.