(from Armytage Strategic Opportunities Fund newsletter)...This...

(from Armytage Strategic Opportunities Fund newsletter)...

This Quarters Strategic Opportunity!

Rubicon America Trust Group (RAT)
Rubicon America Trust group (RAT) is a hybrid Property and Mortgage Trust (LPT) listed on the
ASX since December 2005. It currently has a portfolio of 33 properties spread across 19 states in
the US, plus it has recently added a portfolio of 34 mezzanine mortgages – these are mainly
against commercial property. Whilst there have been some significant problems in the USA with
sub-prime mortgages, it should be noted that the majority of the problems relate to low doc loans
over single family residential property. This is not an area in which RAT mortgage portfolio has
any exposure.

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geesh, so calm down already