outlook 2009 - 2010

Based on the Dec 2008 accounts and what information we have

Total Liabilities = $4.072B as at Dec 08
Total Cash = $842M

Currency Mix Outstanding Debt
GBP 49%, AUD 2%, HKD 3% NZD 4%, JPY 6% USD 8% EUR 28%

UK & EUR account for 77% of the debt, both the ECB & BoE have cut rates again post the Dec 08 announcements of at least 50bp each

Also in the Dec 08 presntation (page 13) highlighted the following in terms of Outlook going forward.

- Lower interest costs
- Lower operating costs
- Properties continue to perform well.
- Property/Fund Mgt on track albeit no performance fees
- Maintaining Target EPS of 19.3c for FY2009

Can anyone comment on the following:

- Based on interest rate cuts and loan mix by country & currency wajt would be the estimated savings?

- The 20% reduction in overheads on annualised basis, announced Jan 2009, what effect to bottom line?

- FUM inmcreased to DEc 2008, apart from NIl performamce fees the base management fees to be received should increase, by how much?

Having done as much research as I can, I am of the opinion that the key problems remain as being refinancing and devaluations which will effect geraing levels.

Operating Profit if anything should be stable and perhaps increase and thats why they are confident about maintaining EPS. Which from my research, most analysts do not factor any major EPS reduction.

If this is the case. and maynbe someonme can review the above and point out the flaws to my points, then maybe we are in for a surprise about the June 09 distribution.

Comments are welcome, as I have a big stake in the outcome of the SP maybe my thoughts are clouded or biased to the positive.