odds of survival, page-34

Hi Ptialv,

I've explained earlier in this thread why it won't be as devasating to CER as you may think it is.

For everyone's benefit including mine I'm going to list all the properties in the US that CER co-own with CNP.

Here we go: (Refer to the supplemental report)

Pg...Name of property.....%CER own....Total FY08 rev

33 Superior marketplace.....50........4,031,867
34 Clearwater Mall..........50........5,498,354
34 Regency Park.............50........2,786,726
34 Southgate................50........1 ,317,591
34 Tyrone Gardens...........50........1 ,529,022
35 Westridge Court..........50........5,038,707
35 Florence Square..........50........4,130,838
36 Points West..............50........1 ,016,930
36 Southfield Plaza.........50........1,037,816
36 18 Mile & Ryan...........50........1,330,697
37 Cayuga Mall..............50........1,160,197
37 Sunshine Square..........50........2 ,270,213
37 Rockland Plaza...........50........5,692,944
38 Roosevelt Mall...........50........6,643,140
39 centre @ preston ridge...50........12,208,126
39 Northshore East..........50........1 ,245,856
39 Westheimer Commons.......50........1,929,582
40 Market Plaza.............50........2,526,403
41 Poro Orlando.............50........4 ,974,306

Thats a total of 19 properties in the US that CER and CNP have 50% ownership in.

All other properties that are co-owned between CNP and CER are 95% owned by CER.

All properties in the supplemental report of CER that have an asterix next to it is 95% owned by CER.

E.g Hannaford Plaza which was recently sold was 95% owned by CER.

If CNP's 5% stake in the properties had to be sold, no doubt an arrangement would be made where CER would purchase CNP's 5% stake.

CER co-own quite a few properties with the unlisted REITs. These properties should not be affected if there is a CNP collapse (unlikely it will collapse anyway)

This is further evidence that a CNP sell down of US assets would not have an adverse affect on CER's gearing ratio.

Cheers