what happened to defabster ?, page-44

Hi Dunworkin

They only closed out $300m worth as far as we know.

Its still in our best interests if the AUD goes up.

It should be noted that these equity hedges have zero cash flow effect until Dec 2011. They expire progressively until I think in 2016.

As Ive said before also if CER's NTA is back around 90c by end of 2011, CER will not be overhedged with respect to these hedges. Thats assuming of course the hedges havent closed out which is unlikely.

Cheers

P.S Ive sent around the email not too long ago.

If anyone has any questions, please feel free to let me know either on here or by email

Cheers