investor services update, page-8

This is what I just sent to Alicia.....


Dear Alicia,

Thankyou for your reply.

With all due respect, I do not understand why this would not be announced.

CER Barringtons and Meadowlands, which made up the Australian CSF portfolio was sold at a lesser value than Cortlandt Town Center.

I can understand why other US properties such as Land at Creekwood Village and Northwoods Plaza not being announced given their immateriality but given Cortlandt is CER's largest US property and the fact it is in within the CSF portfolio and the fact it was sold for more than Barringtons, should have led to the decision of this sale being announced.

There have been other PR opportunities I believe CER has not taken advantage of.

The SuperLLC debt of approx $370m that was refinanced in Oct last year, this should have been announced to the market. One of CER's main issues last year was to obtain a long term refinancing deal for the SuperLLC that was subsequently refinanced in January 2009. If the Oct SuperLLC debt that was refinanced last year, this would have been seen as a great positive by the market.

I also think the opening of "The Shoppes at Cinnaminson" should have been announced by way of media release. This had zero book value at 30 June 2008 and now seems to be generating considerable rental income. This was a major project of CER and I doubt most people even know that this centre is now operational. WDC made similar releases when Doncaster was opened.

I appreciate the work CER has done in obtaining extensions and stabilising the future of the company.

Please do not accept my thoughts as criticisms. I just think CER is in significantly better shape than what the market realises.

Many thanks,