refinancing problem, page-40

Guys,

There is very little refinancing issues IMO for calendar year 2009.

I have created a new detailed worksheet showing which Australian debt is due this year and which properties that debt is secured against.

The A$600m debt due this year are bank loans secured against properties that are lowly geared.

For example there is debt of $481m in commercial mortgage backed securities (pg 61 of annual report).

This debt is secured against 11 Australian properties, which had a book value of about $1b at 30 June 2008.

There is also non-current liabilities, which are secured bank loans in the amount of $651m as at 30 june 2008.

This debt is now reduced to around $600m from the sale of the NZ properties which this debt was secured against.

The book value as at 30 June 2008 of these properties secured against the $600m debt was just under $1b.

This debt is secured against 29 properties.

There was some $370m debt which matured in Dec last year that was refinanced. Until the supplemental report comes out this month, I wont know the terms of the refinancing.

The $370m was secured against properties such as the Glen, Mornington, Southport (now sold), Springwood, Tweed Mall and Albany.

If you would like to have a look at my workings, please let me know.

I am not concerned in the slightest about the debt that is coming up for maturity this year. CER have plenty of equity in their Aust properties to use as further security if required.

Cheers