rough estimate nta 40c 30 june 2009, page-3

Further to what I said before about Super, any further writedowns in Super will have zero impact on CER.

As nearly half of CER's exposure to the US is entrenched within Super, it means that CER's US writedown risk has now been mitigated by approximately 50%.

However should writeups occur, not only will the value of CER's interest in SuperLLC properties increase in value but also the impairment charge booked against CNP's negative equity will be progressively written back resulting in an even more favourable movement in CER's equity.

These points I believe are very important going forward.