monday, page-19

Shmi,Their will be distributable income for full year results June 30 2009.The scenario will be more than likely similar to last year imo when the company had write downs of a similar nature in the value of their assets and distributable income of $256 million and still managed to pay a 1.4 cent dividend based on the taxable income amount of approx $32 million for the year.I'm waiting for a furthur announcement in the next few weeks to months to confirm this as i believe the taxable income will be paid out to unitholders i.e. similar to last year 1.4 cents but beyond this amount is very unlikely as i mentioned previously.

As management noted in the announcement that at present their weren't any dividend guidance and this doesn't mean that their won't be any dividends at all.Just at present their not giving guidance and u more than likely going to see future dividends paid out from available cashflow rather than debt and equity financing of distributions as this isn't sustainable over the longer term.

Now even without a dividend,investors have to realise that cer is not correctly priced in by the market and until investors can fully understand both entities; then must say at present the market has got this one wrong and even by adding a worst case scenario for cer this still remains well undervalued.

A decline in property value doesn't really give you a true indication as to the operating performance of these malls imo.Yes they my be getting closer to their lvr covenants with their banks but the retained earnings can be used for this purpose and i can't really see write downs going on for too much longer and we know the revals will be marked up again once things start to improve or management in conjunction with the valuers may decide to reverse the previous trend.

cheers