investor services update, page-2

CT

Got the same reply not long ago too.

Good to see that the wording in her email to you is slightly different from the email to me!

Cheers


Hi xxxxx,



I’ve forwarded your query to the Fund Manager to find out the answer to your query regarding distributions.

If you have any further queries, please contact Investor Services on 1800 802 400 or email [email protected].

Kind regards,

Alicia on behalf of the Investor Services Team

| Centro Investor Services | Centro Properties Group |
| Toll Free: 1800 802 400 | Fax: +61 3 8847 1868 |
| www.centro.com.au | [email protected] |
| Corporate Offices, 3rd Floor | Centro The Glen |
| 235 Springvale Rd | Glen Waverley VIC 3150 |


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


Sent: Friday, 30 January 2009 5:07 PM
To: Investor Services
Subject: Sale of Cortlandt Towne Centre





Hi Alicia



I refer to the following article.



http://www.ad-hoc-news.de/acadia-realty-trust-announces-the-purchase-of-cortlandt--/de/Unternehmensnachrichten/20014254

I note that the property is in the CSF portfolio.

I understand that the $78m sale will reduce the CSF facility by exactly the $78m necessary ($128m to $50m), which will no longer restrict distributions from the CSF portfolio.



Will an announcement be made in regard to this and will distributions from the CSF portfolio be passed on to CER secutiy holders.



Have a good weekend.



Many thanks,