Ann: Market Update - Spain ICR , page-4

Just a quick scan for aez imo the main thing here is the support of rbs and their understanding of the current situation.Imo rbs will continue to support aez and allow them to sell assets at a fair price and wait for a reasonable offer.When the banks stop supporting aez then i would be concerned but this won't be the case and other than Cuadernillos property covenant breach it seems all others remain within limits but might be tested soon.

However the sp is at a decent buffer to n.t.a. and cash flow statement is fair but keep in mind i've seen worse but its evident that aez continue to service their debt and most importantly they aren't a forced seller of assets which is another clue that rbs will continue to support them moving forward.

Yields are beginning to stabilize and share price has more room to move up then down.I've seen this all before and eventually the market will get this one right and push the price closer to the value.Probably one of the most discounted reits atm.

In time this and other reits will trade closer to n.t.a..and yes i understand the Greece and Spain issues but this wont last forever.Seems every time i open my mouth lately to friends and family and my lyl prediction i've noticed the sp seems to rally.

I don't hold this but i wish i had some spare cash to purchase.Sometimes its to obvious where one can see value in a company.Will watch this with interest as the price imo won't be at current levels for long.

I would rather hold some of the beaten down reits with real tangible value then some of the other listed companies who trader higher than 5 cents and continue to dilute shareholders and promise sometime in the future that the resource base will be of considerable value...lol when??..

aez holders just be patient couldn't see short selling at these levels.I would buy if i had the cash but currently in longer term investments.