"materially lower" than 16 cents, page-13

Am I getting this right?

NTA per scurity, at Dec 2010 valuations is half a cent, BUT, the actual, realiseable, likely "in your pocket" return is 4 cents.

"Closing net asset value if City Gate is excluded from the AEZ consolidation (this asset is financed with non-recoursedebt and its debt exceeds the value of the property)"

Then this return will disappear if property values continue downward, and grow if values improve, as per the table on page 6 of the report.