supplemental report as at 27 jan 2009, page-26

defabstar,

That's brilliant work and must have taken you ages.

My only comment would be that I am actualy "reasonably" confident that despite the climate there will be at least a humble level of growth in the revenue from the Australian portfolio that will either partially or totally offset a decline of about 4.4% of the yield from the US portfolio.

So as the market has probably already factored in more asset write-downs for CER, I think the half-yearly report will be well received.

Your other comment regarding Westifeld is also well received and is precisely the point too. All and sundry have long acknowledged that you get the stilletos from Westfield but the slippers from Centro. That is, consumer staples and the like from Centro and Discretionary items from Westfield.

After this darn thing bottoms out it is conceivable that there would eventually be a significant uptick in US occupancy when that of Westfield could potentially still suffer a lag or a decline.

I think long-term holders should have more conviction now than ever before to consider staying the course.

Cheers mate.