texas pacific group interest, page-8

Hi Lenti,

I think you will find the Management Rights are wrapped up with CER or the ~51% that CNP owns in the Retail Co. There are many divisions of CNP (& the Funds) - to say that it would cut off the income is not correct because the income is derived from the rent and everything pertaining to the leasing and the rental of the shops. The Management is primarily CER. It is a complex web in any case; so unless I have it wrong and I am fundamentally incorrect, but that is the way I see it - maybe swap may wish to comment on this further???

Cheers, Pie :)