from fy09 results q&a, page-5

Hi PViews,

I think FY10 divi is going to be directly related to any operational downside that may eventuate out of the US.

MOF have stated their intention to pay 70% of operating earning as a divi.

They provided a slide in their presentation that clearly showed operating profit to fall for FY10 to 3.65cpu. Thus I worked out a FY10 divi of 2.55cpu.

In the Q&A I picked up that there could be some downside risk to operating earnings if the ~10% vacancy rates in the US couldn't be filled, or if new and renewing tenants required larger than expected "incentive payments" in the ST.

Your guess is as good as mine here but I would imagine absolute downside 2cpu divi, probable 2.2cpu and optimistic 2.55cpu.

Should improve materially in FY11 (but that's a long way off!).

Cheers
John