Excellent summary danhoff, well done. Just on the property...

Excellent summary danhoff, well done. Just on the property valuations - the book values as at Jun 30 were hotly disputed by GJT on the basis they were not done on terms consistent with previous valuations. This was a matter of some dispute between GJT and the Japanese banks. So...if property markets stabilise, AND, it turns out these Jun 30th 2009 valuations were unreasonably harsh, we could see areasonable retun of capital RELATIVE to where it is trading right now.

Coop