Held the line, page-10

Hi Guys,

It's across the board in retail and apparel in particular. I think that it is a combination of:

- poor economic data from the retail data
- downgrades from other retailers (e.g. TRS, RCG despite retailing different items)
- Media coverage of the carnage within the retail sector (and shopping mall owners) in the US
- Fear of what will happen when Amazon locate to Australia

If you believe that PGR know what they are doing and will survive/ thrive then it is good value here. However, there are definitely headwinds.

At these prices I don't think that Colosseum could be considered an overhang but you never know.

Cheers
John